It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a tool that may help them make sure their donations are as beneficial as possible. Tax Exempt Organization Search on IRS.gov [...]
A 2018 study found that about half of Millennials are under-saving for their retirement, and will have to work into their 60s and 70s as a result. There are misconceptions among young professionals that deter them from contributing more towards their financial futures, at different stages of their careers. When starting your career "My retirement [...]
MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY CARLA J MERLAK - SEPTEMBER 2019 QUOTE OF THE MONTH “The more we do, the more we can do; the more busy we are, the more leisure we have.” WILLIAM HAZLITT SUNNIER PROSPECTS FOR WORKING AS A SENIOR In recent years, a steady stream [...]
To: All taxpayers who have outstanding Illinois tax debt The Illinois Tax Delinquency Amnesty Act provides the opportunity for taxpayers to pay outstanding eligible tax liabilities and to have eligible penalties and interest forgiven on taxes paid in full during the amnesty period. What tax liabilities and periods are eligible for the 2019 Illinois Tax [...]
Milllennials, building the resources you need to help you with your life goals isn’t complicated, but the sooner you start, the better. If you wait until you are in your 40s or 50s, you’ll have to save and invest a much larger portion of your income. 9 tips to Start planning your future. The most [...]
Unhappy at work? Quitting your job and retiring early may be riskier than you think. Forbes explains why: CLICK HERE FOR ARTICLE
Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners and self-employed individuals Individuals who own a [...]
Setting Every Community Up for Retirement Enhancement Act (SECURE Act) would be the first real major retirement legislation since the Pension and Protection Act of 2006 and is expected to make it through the Senate during this current term. Forbes discusses the 8 major ways this can impact your retirement plan. For those nearing or [...]
Tax planning should happen all year long, not just when someone is filing their tax return! An important part of tax planning is record keeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the [...]
Renting vs. buying a home is a big decision, and there are pros and cons to each option. In fact, a higher percentage of U.S. households are renting than at any point since 1965, according to a Pew Research Center analysis of U.S. Census Bureau data released in 2016. For some people, renting comes down to what [...]