Claiming an Education Credit? Don’t Forget the Timing Rules

If You Plan on Claiming an Education Credit, Read On! The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return. Know what year to pay school expenses You can claim the AOTC or LLC in the taxable year in with which the qualified school expenses are paid. For example, if you paid tuition expenses in 2018 with loan money, you can claim the credit on your 2018 federal income tax return. Keep in mind that this
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Your 2019 Social Security Benefits Recap

If You Receive Social Security Benefits, Read On! The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019: 2019 Social Security benefit highlights Up to $132,900 in wages will be subject to Social Security taxes (up $4,500 from 2018). This amounts to $8,239.80 in maximum annual employee Social Security payments. Retirees under full retirement age can earn up to $17,640 before Social Security benefits are reduced, and up
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Claiming an Education Credit? Don’t Forget the Timing Rules

If You Plan on Claiming an Education Credit, Read On! The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return. Know what year to pay school expenses You can claim the AOTC or LLC in the taxable year in with which the qualified school expenses are paid. For example, if you paid tuition expenses in 2018 with loan money, you can claim the credit on your 2018 federal income tax return. Keep in mind that this
Read More

Your 2019 Social Security Benefits Recap

If You Receive Social Security Benefits, Read On! The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019: 2019 Social Security benefit highlights Up to $132,900 in wages will be subject to Social Security taxes (up $4,500 from 2018). This amounts to $8,239.80 in maximum annual employee Social Security payments. Retirees under full retirement age can earn up to $17,640 before Social Security benefits are reduced, and up
Read More

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