Posts Tagged ‘taxes’
Survey finds nearly 25% of adults have no retirement plan besides Social Security
A survey of over 1,000 U.S. adults conducted by GOBankingRates found that if not for the presence of the Social Security program, nearly one in four adults would not have any retirement plan at all. “While nearly as many people could leave their benefits on the table and still retire in style, 50% of the…
Read MoreFeeling Taxed to the Max? Check Out These 9 States Boasting Zero Income Taxes
If you’re tired of paying Uncle Sam at the federal level and writing a check to your state every year as well, then let’s look at where you won’t be taxed on your income (but you might have to pay extra bucks in other taxes or home prices). Alaska Sitka, AK (Getty Images) …
Read More5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?
You may be wondering if there are tax deductions when selling a home. And the answer is: You bet! Sure, you may remember way back to 2018 and its new tax code—aka the Tax Cuts and Jobs Act—changed some rules for homeowners. But rest assured that if you sold your home in 2020 (or are…
Read More7 Tax Benefits of Owning a Home: A Complete Guide for Filing This Year
What are the tax benefits of owning a home? Plenty of homeowners are asking themselves this right around now as they prepare to file their taxes. You may recall the Tax Cuts and Jobs Act—the most substantial overhaul to the U.S. tax code in more than 30 years—went into effect on Jan. 1, 2018. The…
Read MoreForbes: How Reverse Mortgages Can Affect Taxes in Retirement
For seniors who may feel squeezed by the necessity of paying taxes in retirement on a fixed income, there are a number of ways in which a senior might be able to reduce their tax burdens in retirement. One of the possible methods can include a reverse mortgage, according to financial planner Erik Carter in…
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