December 2020 Vol 2

HBS Tax Tips

A Newsletter published by the HBS Financial Group, Ltd.

The best way to file your taxes

December 2020  Vol 2 15 Tax Deductions and Benefits for the Self-Employed
Throughout the years, legislators have written numerous lines into the tax code to soften the blow of the extra costs that self-employed persons must shoulder as they do business. The Tax Cuts and Jobs Act (TCJA), passed in December 2017 and effective as of the 2018 tax year, made several changes to self-employed tax deductions. Many of these changes are temporary and set to expire in 2025, but others are permanent. Learn more…

The question is how much to save for retirement11 Year-End Moves to Lower Your 2020 Tax Bill 

What you do between now and the end of the year can have a significant impact on how much tax you have to pay next April. It looks like Republicans will continue to control the U.S. Senate for at least two more years, which means President-Elect Joe Biden probably won’t get to implement his tax plan next year. That also means business as usual when it comes to year-end tax moves. Learn more…

Borrowing for college may be necessary A 529 plan isn’t the only way to save for your child’s future 

When a baby comes, financial priorities change. Besides subtracting wine from the budget and adding diapers, you start thinking about the steps you can take now that will pay off later. At a time when college is expensive, home prices are soaring, and a historic number of people are filing for unemployment, you want to do what you can to make sure your child has a stable future. Assisting with large expenses as Learn more…

The unfair US tax code needs to be replaced Is Your Charitable Donation Tax Deductible?
Did you ever get a request from an organization who says they are raising funds to help some needy group? They have photos of these needy children and they claim that your donation of a certain amount will feed them for a month. There are so many fake charities run by scammers, it’s hard to know the truth. Well, now, you can access the IRS website and find out. Learn more… 

Beware of a student loan scam.Student Loan Forgiveness Plan Has a Ticking Bomb
Student loan forgiveness is looking more like a possibility under President-elect Joe Biden, but an unintended consequence may emerge unless Washington intervenes: a tax on loan forgiveness. To make things worse: Though cash-strapped borrowers are enjoying a temporary reprieve from student loan payments, those who’ve had a hard time making payments would wind up owing the IRS on the forgiven balance. Learn more…

Don't worry about your taxes. Filing taxes online is cheap Warning! Don’t Let an Inherited IRA from Your Spouse Trigger Taxes
When you’re dealing with grief over the death of a spouse, the last thing that’s on your mind is tax law. Yet, the IRS allows only so much breathing room before taxes become an issue on an IRA you inherited from your spouse. There is a lot of very useful and important information in this article. be careful, and if you’re not sure, get professional help. Learn more…

 

 


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Trivia and Quotes

What Year Was It?

First Issue of Life Magazine
The first issue of the pictorial magazine Life is published, featuring a cover photo of the Fort Peck Dam by Margaret Bourke-White.

The day was Nov 23. What year was it? 

Quote of the Week

“Stocks have reached what looks like a permanently high plateau.”Irving Fisher, Professor of Economics, Yale University, 1929

(I wonder if this guy ever appeared in public again?)

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