4 Above-the-Line Deductions for Taxpayers Who Don’t Itemize
4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction and [...]
Tax Tips When Caring for Elderly Parents or Grandparents
Tax Tips When Caring for Elderly Parents or Grandparents By: Stacey Nickens Caring for an elderly relative can be both rewarding and challenging. Spending extra time with a loved one may come with significant expenses, including care expenses. If you are responsible for financially caring for an elderly relative, you may be able to claim [...]
How Filing Your Tax Return Early (Or Late) Could Impact Your Stimulus Check
How Filing Your Tax Return Early (Or Late) Could Impact Your Stimulus Check By: Stacey Nickens Tax season kicked off on February 12, and as of late February, the IRS had already received 21% more individual returns than on the same day in 2020. While some are waiting to see if the tax deadline is [...]
Tax & Funding Provisions in the Proposed Stimulus Package
Tax & Funding Provisions in the Proposed Stimulus Package By: Stacey Nickens The House is expected to pass a $1.9 trillion coronavirus relief package today, after which the legislation will head to the Senate for approval. Beyond providing additional stimulus, the package includes an increase in the child tax credit, additional funding for small business [...]
Building Healthy Financial Habits
Building Healthy Financial Habits By: Stacey Nickens While building habits can be challenging, healthy habits are necessary for our well-being. Habits reduce the amount of decisions we have to make in a day and thus free up brain space to work on more important projects. For example, we build a habit of brushing our teeth [...]
Positions I’m Watching: PayPal
Positions I'm Watching: PayPal By: Stacey Nickens Due to the pandemic, more people are shopping online rather than in store. As a result, the online payment industry has seen a big increase in demand. The online payment platform, PayPal, has accordingly benefited, and its stock has grown over 50% during the past three months. PayPal [...]