Are Your Social Security Benefits Taxable?

  • 26 June 2023
  • Author: machele
  • Number of views: 1171
  • 0 Comments
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients.

 

The Social Security Administration (SSA) estimates that more than half of recipient families owe federal income taxes on their benefits. Recipients who have significant income from other sources are particularly at risk. Here's what you need to know about the taxation of Social Security benefits.

FAQs on LTC Insurance and Your Taxes

  • 2 May 2023
  • Author: machele
  • Number of views: 1261
  • 0 Comments
If you or a loved one needs long-term care (LTC) services, there are insurance products that can help cover the cost. As an additional incentive, qualified LTC policies deliver some tax advantages. For LTC policies, "qualified" means that a policy is offered by an insurance company licensed in your state and includes certain federal tax benefits. Here are some common questions about LTC insurance and its federal income tax effects.

How Much FDIC Coverage Do You Have?

  • 21 March 2023
  • Author: machele
  • Number of views: 1351
  • 0 Comments

In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See "Two Banks Collapse in One Week" at right.)

The recent regional bank failures have caused many individual depositors and business owners to question whether their accounts will be protected by the FDIC and what they should do if their banks fail.

Key SECURE 2.0 Provisions for Employers

  • 20 February 2023
  • Author: machele
  • Number of views: 1336
  • 0 Comments
The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) includes important changes that will affect employer-sponsored retirement plans and self-employed people looking to save for retirement. Here's an overview of key provisions for small business owners who currently offer a retirement plan — or want to add retirement saving benefits in the future.

4 Tax Breaks for Home Improvements

  • 3 January 2023
  • Author: machele
  • Number of views: 1491
  • 0 Comments
Are you contemplating some significant improvements to your home? Whether it's adding a pool to assist with a medical condition, finishing a basement or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are four potential building blocks.
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