Changed Your Name After Marriage or Divorce?

This video was published by the IRS. If you changed your name after a recent marriage, divorce, or for some other reason, you need to notify the Social Security Administration of that change before you file your tax return. Otherwise, IRS computers can't match your new name with your Social Security number. Names that don't match [...]

Major Changes to Retirement Plans Due to COVID-19

This article was published by the IRS.  Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren't subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a [...]

Gift Tax

This video was published by the IRS. If you give money or property to someone as a gift, you (the giver) may need to file a federal gift tax return. But that's only if your gift was greater than a certain dollar amount called the Annual Exclusion Amount. The IRS Form 709 instructions list the Annual [...]

Use Non-Filers Online Tool to Register for Economic Impact Payment

This video was published by the IRS. Most eligible individuals receive their Economic Impact Payment automatically. However, some eligible Americans with incomes that do not require them to file a tax return, including some Americans experiencing homelessness, will need to submit information to the IRS by November 21st to receive their payment. The IRS has a [...]

Saving vs. Paying Down Debt

Saving and paying off debt are both important aspects of a healthy financial plan. But which do you do first? Here is a good rule of thumb. If you don't have any savings at all, start with saving $1000 to cover unexpected expenses that life inevitably throws at you. The last thing you want to do [...]

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