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Author Archive | James B. Reynolds

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify […]

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A nonworking spouse can still have an IRA

It’s often hard for married couples to save for retirement when one spouse doesn’t work. An IRA contribution is generally only allowed if you have compensation. However, an exception exists. A spousal IRA allows a contribution to be made for a nonworking spouse.

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Student loan interest: Can you deduct it on your tax return?

Many taxpayers with student loans have been hard hit by the economic impact of COVID-19. The CARES Act contains some help. It allows borrowers with federal student loans to stop making monthly payments until Sept. 30, 2020. If you do make student loan payments, you may be able to deduct the interest on your return.

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There’s Still Time to Make a Deductible IRA Contribution for 2019

You still have time to make your 2019 traditional and Roth IRA contributions. The deadline is generally April 15 but because of the novel coronavirus (COVID-19) pandemic, the IRS extended the deadline until July 15, 2020. If you qualify, deductible contributions to traditional IRAs can lower your 2019 tax bill. Even nondeductible contributions can be […]

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Do You Have Tax Questions Related to COVID-19? Here are Some Answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. You may have questions about the implications. For example, if your employer is requiring you to work from home, can you claim home office deductions on your tax return? Unfortunately, if you’re an EMPLOYEE who telecommutes, home office expenses aren’t deductible through 2025. What about unemployment […]

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Answers to Questions You May Have About Economic Impact Payments

A new IRS tool called “Get My Payment” shows taxpayers either their EIP amount and the scheduled delivery date, or that a payment hasn’t been scheduled. It also allows taxpayers who didn’t use direct deposit to provide bank account details. Some people are getting an error message (“payment status not available”). Hopefully, the IRS will […]

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COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. On its Twitter account, the IRS announced that it deposited the first Economic Impact Payments into bank accounts on April 11. “We […]

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