The COVID-19 recession and the continuing pandemic pushed many older workers into retirement earlier than they had anticipated. A little more than 50% of Americans age 55 and older said they were retired in Q3 2021, up from about 48% two years earlier, before the pandemic.1 For people age 62 and older, retiring from the workforce often means claiming Social Security benefits. But what happens if you decide to go back to work? With the job market heating up, there are opportunities for people … [Read more...]
Three Decades of College Cost Increases
Over the past 30 years, the cost of college tuition, fees, room, and board has increased 85% at private colleges and 111% at public colleges above and beyond the rate of general inflation. After significant cost increases during the 1990s and 2000s, colleges have made a concerted effort over the last decade to rein in cost hikes. This is especially true for public colleges, as states have generally allocated more money to their higher-education budgets after years of cuts. Over the past … [Read more...]
Tax Preparation Checklist 2021
View or Download the TAX PREPARATION CHECKLIST 2021 (PDF form) Tax Preparation Checklist - 2021 Tax Year (what you should bring in or send us) 1. Copy of both sides of your Driver’s license or State ID (unless we already have your current, valid ID on file. Joint filers need both IDs.) 2. Wage Statements (W-2) and 1099 Forms 3. Pension, IRA, or Annuity Statements (1099-R) 4. Social Security Income Statements (SSA-1099) 5. Interest & Dividend Income Statements (1099-INT … [Read more...]
Notice concerning NY State Unemployment Compensation
March 8, 2021 The $1.9 trillion coronavirus relief package that is working its way to the President’s desk includes a provision that makes the first $10,200 in unemployment benefits tax-free in 2020 for households making less than $150,000 per year. If this provision remains in the package and is signed into law, you may be entitled to a reduction in tax on your 2020 tax return. We are advising people who have not yet filed their tax returns to wait until this issue is resolved. In … [Read more...]
Tax Preparation Checklist 2020
View or Download the TAX PREPARATION CHECKLIST (PDF form) … [Read more...]
Foreign Tourists
More than 79 million foreign tourists visited the United States in 2019, adding $254 billion to the U.S. economy. Residents of Canada and Mexico accounted for almost half of the total, while the countries below were the top 10 sources of overseas visitors. Travel restrictions and lockdowns due to COVID-19 have severely disrupted the flow of foreign tourists in 2020. It's too early to know the full extent of the damage to the tourism sector, but the effects may continue for some time after the … [Read more...]
Paying for Graduate School
Maybe you've decided that graduate school is the path to advancement in your current job or your ticket to a better career. Or maybe you just want to take a few classes to upgrade your skills. Either way, returning to school as an adult often involves financial sacrifices. How will you pay for it? Personal savings, financial aid, employer-funded tuition, and private loans may be available to you, and education tax credits might help out at tax time. Calculate the costs Before you jump into … [Read more...]
2019 IRA Contribution Deadline Has Been Extended
“Making a last-minute contribution to an IRA may help you reduce your 2019 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had low to moderate income and meet eligibility requirements, you may also be able to claim the Savers Credit for 2019 based on your contributions to a traditional or Roth IRA. Claiming this nonrefundable tax credit may help you reduce your tax bill and give you an incentive to save for retirement. For more information, … [Read more...]
July 15 Due Date Approaches for Federal Income Tax Returns and Payments
Tax deadline for most individuals: Wednesday, July 15, 2020 The due date for federal income tax returns and payments is Wednesday, July 15, 2020. Due to the coronavirus pandemic, the original due date for filing federal income tax returns and making tax payments was postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax are incurred by taxpayers during this 90-day relief period for any return or payment postponed under this … [Read more...]
Quarterly Market Review: April-June 2020
The Markets (second quarter through June 30, 2020) Stocks rebounded from a dismal March by posting their best monthly returns since 1987, as investors were encouraged by the expectation of additional government stimulus programs and hope that the economy would be reopening soon. The Paycheck Protection Program and Health Care Enhancement Act replenished the Paycheck Protection Program, providing funding for additional small business loans, and offered financial support to hospitals, while … [Read more...]
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