In this week’s Wednesday episode (September 15, 2021) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather delivers a "State of the IRS" report. In essence, the IRS is currently broken. Many taxpayers have been complaining about receiving numerous IRS notices but not having any access to IRS employees. In fact, the IRS is currently only [...]
This article was published by the IRS. The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. Highlights of changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and [...]
If you are past the age of 50 and stressed about your retirement savings, you don't have to worry. The following tools will help you maximize your retirement even at your current age. If you are 50 or over, you are eligible to take advantage of catch-up provisions in the tax code. For example, if you [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]
As the events of the past few days have shown us, life can be extremely unpredictable. This inevitably affects our finances as life seems to spiral at times. This is a prime example of the importance of an emergency fund. An emergency fund is a financial safety net that is used to cover unplanned expenses so [...]
