- Read This First Before Tapping Your Retirement Savings
- Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59 1/2 may not be the best idea, as you will likely pay both income tax and a 10% early-distribution tax (also referred to as a penalty) on any previously untaxed money that you take out.
- Video Tips: What to Do When You Can't Pay Your Taxes
- Owing taxes on your income tax return but can't pay it back immediately? Watch this video for some possible solutions to minimize your tax penalties and interest.
- Cash Flow Solution for Seniors
- The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.
- Charitable Tax Deduction Peculiarities
- Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.
- Video Tips: Positive News for the 2021 Earned Income Tax Credit
- The Earned Income Tax Credit has been expanded and enhanced for low-income taxpayers who file their tax returns for 2021. Watch this video for details.
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