Save Money On Taxes: Make Your 2020 IRA Contribution Through April 15, 2021

Save Money on Taxes: Make Your 2020 IRA Contribution Through April 15, 2021

UPDATED FOR 2021 You still have plenty of time to lower your 2020 tax bill. For a win-win, make an IRA contribution for 2020. You can go with a currently tax-deductible traditional IRA or the Roth IRA (which is not deductible this year but offers many other advantages). As long as you put the money in by April 15, 2021, that contribution can count for 2020. If you haven't already maxed out your 2020 retirement plan contributions, it’s a good idea to do it now. With traditional IRAs, making the maximum $6,000 contribution ($7,000 if you’re 50 or older) could slash $600 or more…

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3 Ways You’re LOSING Money By Getting A Big Tax Refund

3 Ways You’re LOSING Money by Getting a Big Tax Refund

Updated for 2021 Most of us celebrate getting a huge tax refund – we have big plans for that money every year. We act like getting that big chunk of change is a good thing, but it’s not. In fact, you actually lose money by giving the Federal government an interest-free loan every year. According to the IRS, the average tax refund for tax year 2019 was $2,549, which works out to $212 a month. But if you put that money to work for you instead of lending it to them, you could end up with a much bigger pile…

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3 Big Tax Changes You Need To Know For Tax Year 2020

3 Big Tax Changes You Need to Know for Tax Year 2020

Please Note: This article may contain affiliate links. If you click on those links, I may receive compensation.   The last you want to be thinking about now is next year’s tax return. This year has been chaotic, frightening, confusing, stressful, and mostly exhausting. So piling on the thought of taxes sounds… taxing. But this is exactly the time to think about it, because you can still make changes that will affect your 2020 tax bill – the one you’ll file in 2021. There have been so many changes that it’s hard for even CPAs to keep up. But those changes…

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5 Reasons To Avoid Reverse Mortgages – Especially If You Need The Money

5 Reasons to Avoid Reverse Mortgages – Especially If You Need the Money

Please Note: This article contains affiliate links. If you click on those links, I may receive compensation.  If you're a senior who’s feeling financially insecure, you may be considering a reverse mortgage. But please don’t. Reverse mortgages sound like easy money. Instead of paying rent or mortgage, you get monthly payments for your house without having to sell it. Someone actually pays you to live in your own house. But the truth about reverse mortgage loans – and, yes, they are loans – is much more complicated. Use extreme caution when considering a reverse mortgage. It comes with a devastating…

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How To Open A Roth IRA In Under 30 Minutes

How to Open a Roth IRA in Under 30 Minutes

You need to do this today. Single moms – women in general, actually – are waaayyyyyy behind when it comes to retirement savings. We all have plenty of reasons for this… but when we’re 80 and out of money, those reasons won’t matter at all. So today we are going to take 30 minutes to open up Roth IRA accounts. We’re focusing on Roth IRAs specifically because you always have free and complete access to the money you put in. This takes a huge barrier out of the way of retirement savings: This money is not locked up, and you…

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