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How Long Should You Keep Financial Records?

Now that tax season is over, you may want to file your most recent records and discard older records to make room for the new ones. According to the IRS, personal tax records should be kept for three years after filing your return or two years after the taxes were paid, whichever is later.* (Different rules apply to business taxes.) It might be helpful to keep your actual tax returns, W-2 forms, and other income statements until you begin receiving Social Security benefits.The rules for tax reco
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Social Security May Offer a Lifetime of Protection

  How would you rate this content?Social Security is much more than a retirement program. Most Americans are protected by the Old-Age, Survivors, and Disability Insurance (OASDI) program — the official name of Social Security — from birth through old age. Here are four times in your life when Social Security might matter to you or the people you care about.   A Wide Safety Net Current Social Security beneficiaries     Source: Social Security Admini
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Keeping Cool: Investment Strategy vs. Reaction

  How would you rate this content?After losing ground in 2018, U.S. stocks had a banner year in 2019, with the S&P 500 gaining almost 29% — the highest annual increase since 2013.1 It's too early to know how 2020 will turn out, but it's been rocky so far, and you can count on market swings to challenge your patience as an investor. The trend was steadily upward last year, but there were downturns along the way, including a single-day drop of almost 3% on Augu
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Parents who adopt can benefit from this valuable tax credit

Parents who adopt can benefit from this valuable tax credit Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same.Here are some facts to help people understand the credit and if they can claim it when filing their taxes:  The maximum adoption credit taxpayers can claim on their 2019 tax return is $14,080 per eligible child.There are
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Bear Markets Come and Go

Bear Markets Come and Go The longest bull market in history lasted almost 11 years before coronavirus fears and the realities of a seriously disrupted U.S. economy brought it to an end. If you are losing sleep over volatility driven by a cascade of disheartening news, it may help to remember that the stock market is historically cyclical. There have been 10 bear markets (prior to this one) since 1950, and the market has recovered eventually every time. Bear markets are typically defined as d
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Tax Time Guide: Payment options available for those who owe

Tax Time Guide: Payment options available for those who oweWASHINGTON — The Internal Revenue Service today reminded taxpayers that if they need to make a tax payment or owe and can’t pay, the IRS offers several options.This news release is part of a series of IRS tips called the Tax Time Guide, designed to help taxpayers file an accurate tax return.This year’s tax-filing deadline is April 15. Taxpayers should know before they owe. The IRS encourages all taxpayers to check
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90-Day Relief for Tax Payments Due

90-Day Relief for Tax Payments Due Mnuchin announces during press conference Today during the White House’s daily coronavirus briefing, Treasury Secretary Steven Mnuchin announced that tax payments up to $1 million for individuals can be deferred for 90 days.The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise ap
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Here Are Some Reasons Taxpayers Should E-File Their Taxes

Some taxpayers still use the old-school method of filing their tax returns: on paper. For these people, now is the time to switch and file electronically.All taxpayers should consider joining the more than 138 million taxpayers who used IRS e-file last year. Here are the top reasons why taxpayers should file electronically in 2020:It’s safe and secure. IRS e-file meets strict security guidelines. It uses modern encryption technology to protect tax returns. The IRS continues to work wi
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IRS increases visits to high-income taxpayers who haven’t filed tax returns

IRS increases visits to high-income taxpayers who haven’t filed tax returnsWASHINGTON – As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns.Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue officers across the country will increase face-to-face visits wit
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The Impact of the Coronavirus on Your Investments

If it is not a problem in five years, then it is not a problem today. The coronavirus is shocking the markets going back to last Friday. This has caused some panic in the markets and created more sellers.
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Closing Gaps in Your Insurance Coverage

Closing Gaps in Your Insurance Coverage Buying insurance is about sharing or shifting risk, but you may think you're covered for specific losses when, in fact, you're not. Here are some common coverage gaps to consider when reviewing your own insurance coverage.
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Five Times in Your Life When You Might Need Help with Your Finances

  As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education.
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The SECURE Act Offers New Opportunities for Individuals and Businesses

The SECURE Act Offers New Opportunities for Individuals and Businesses The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you.
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Members of the Military Can Take Advantage of Special Offer to File Taxes For Fr

 Active duty military personnel have multiple options for free federal tax preparation. IRS Free File allows taxpayers to prepare and file their federal individual income tax return for free using brand name tax-preparation-and-filing software.While Free File is for individuals or families whose adjusted gross income was $69,000 or less last year, there’s a special offer for active-duty military and their spouses.
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Tips for Targeting Your Retirement Savings Goal

Tips for Targeting Your Retirement Savings Goal What if you're saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life's toughest challenges, it may help to focus less on the big picture and more on the details.
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SECURE Act: Opportunities and challenges for retirement planning

Congress rolled out a last-minute plan that alters the tax code and impacts many for 2019 and 2020 taxes.  There is a lot packed into this one, here are the highlights:   SECURE Act: Opportunities and challenges for retirement planning
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Reasons to Make Sure to File Your Tax Return

While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file, but will need to do so if they can get a tax refund. Here are five tips for taxpayers who are deciding whether to file a tax return: Find out the general reasons to file In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or
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Get Ready for Taxes: What to do before the tax year ends Dec. 31

Get Ready for Taxes: What to do before the tax year ends Dec. 31WASHINGTON –The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead.Charitable Contributions For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2019 tax return. For example, those who plan to itemize deductions should know that charitable contributions are deductible in the year made. Donations charged to a credit
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Don’t let this simple mistake potentially cost up to 50% of your retirement

You’ve worked hard to save for a comfortable retirement. But imagine if you forgot to make a withdrawal from your retirement account and the IRS slapped you with a 50% penalty!Sound ridiculous, right? Unfortunately, it’s true. It’s called a Required Minimum Distribution (RMD)... and knowing the IRS rules when it comes to your retirement can be vitally important for making the most of your financial future.The rules for RMDs are fairly complicated, but we can help you navig
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Taxpayers can take steps now to Get Ready to file their taxes in 2020

Taxpayers can take steps now to Get Ready to file their taxes in 2020There are steps people can take now to make sure their experience goes smoothly next year. First, they can visit the Get Ready page on IRS.gov to find out more. Here are a few other things people can do now:Check their withholding and make any adjustments soon Since most employees typically only have a few pay dates left this year, checking their withholding soon is especially important.
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Check the background of this financial professional on FINRA's BrokerCheck