Do I owe taxes on unemployment benefits?

After President Trump declared a state of emergency due to COVID-19 in mid-March, there were 45 million new unemployment claims filed in the three months that followed.  For many of the people receiving unemployment compensation, this is all new territory.  If you find yourself in this situation, it is important to understand that these payments …

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Are you missing part of your COVID-19 Economic Impact Payment?

When Congress passed the CARES Act into law back in March of this year, approximately 85% of US households expected to receive a check. Most recipients should have received $1,200 per adult and $500 per dependent child, with a reduction taking place for individuals with an adjusted gross income over $75,000 and married couples filing …

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Presidential memorandum defers payroll taxes, with a big caveat

On August 8, President Donald Trump signed three Memoranda and one Executive Order in response to the growing need for additional economic aid amidst the Coronavirus Pandemic and resulting economic stress. In addition to extending unemployment benefits at a reduced rate, extending the Federal ban on evictions, and additional deferral of student loan payments, the …

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When & How to Sign Up for Medicare Parts A & B

As more individuals push off retirement and getting Social Security, many are in danger of missing the enrollment period for Medicare Part B. In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your …

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Lose Your Medicare Card? Want a Social Security Estimate?

If you are a Medicare beneficiary and you have lost, damaged, or need to replace your Medicare card, you can easily order a replacement Medicare card using an online “my Social Security” account. If you are still working, use “my Social Security” account to view your yearly Social Security Statement and verify the accuracy of …

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Key Dates & Milestones: Social Security, Pensions, IRAs, Medicare

There are many age-related financial and planning milestones that you need to be aware of in your sixties. Keep this list in mind. 59 ½ – Penalty Goes Away This is the age at which one can withdraw money from traditional IRAs, 401(k)s or similar retirement plans without restrictions and without an added 10% tax …

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