Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about what factors can potentially reduce benefits for a surviving spouse, whether cost of living allowances also increase spousal benefits and whether a public pension will affect a spouse’s own retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
Taxes
Before you start your federal tax return, know the changes in key IRS forms that affect you getty Tax Season 2021 has begun. When you dig into your tax return for reporting 2020 income, you’ll notice that Form 1040 has changed yet again. In 2018, the IRS condensed Form 1040 significantly, completely revamping the prior
A piece of playground equipment stands in a park play in the Setagaya district of Tokyo, Japan, on … [+] Sunday, June 26, 2016. Packed trains, overcrowded schools and the country’s longest waiting lists for preschool care are the norm in Setagaya, the most populous of Tokyo’s 23 wards, as the Japanese continue their drift
Alarm clock and colour papers on the white background. Tax Time. getty Phyllis Jo Kubey, a solo practitioner based in New York City, and Ryan L. Losi, executive vice president at PIASCIK, discuss the 2021 tax season and the unique challenges posed by the COVID-19 pandemic. Read the podcast episode’s transcript below. The post has been
BROCKTON, MA – MARCH 19: Parents combining work and child care at home due to the pandemic. (Photo … [+] by Matthew J. Lee/The Boston Globe via Getty Images) Boston Globe via Getty Images Employment and real estate markets remain agitated by the Covid-19 pandemic, with some predictions of a major shift to working from
WASHINGTON, DC – FEBRUARY 10: U.S. President Joe Biden speaks as he makes a statement at the South … [+] Court Auditorium at Eisenhower Executive Building February 10, 2021 in Washington, DC. President Biden made a statement on the coup in Burma. (Photo by Alex Wong/Getty Images) Getty Images President Biden wants to revamp the taxation of
A Star Trek fan in a “Ferengi” costume poses for photographs on the first day of “Destination Star … [+] Trek London” at the ExCel centre in east London, England on October 19, 2012. Celebrating the 25th anniversary of “Star Trek: The Next Generation”, the event is first official Star Trek event in the UK
The students holding a shot of graduation cap by their hand in a bright sky during ceremony success … [+] graduates at the University, Concept of Successful Education in Hight School,Congratulated Degree getty President Biden and House Way & Means Committee Democrats have proposed increasing the earned income tax credit (EITC) for workers without children
Time to lower your taxes with a SEP IRA getty The 2021 tax season is here, and if you’re self-employed, the SEP IRA may hold the key to slash your 2020 taxes owed. Business owners and those with a 1099 are likely eligible to contribute to a SEP IRA. For those who earned more than
Like every other middle-aged American man, I’m riddled with insecurities. To compensate for those fears that I’m not quite good enough, I’ve become overly competitive in all arenas of my life because, well…it’s cheaper than a sports car. Electric city bikes on a stand in snow on the Upper West Side, New York. (Photo by:
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about eligibility to take retirement benefits at 70 after taking spousal benefits at full retirement age, filing early as the lower earner or delaying and finding current and future benefit estimates after filing for other benefits. Larry Kotlikoff is a Professor of Economics at Boston
BROOKLYN, NEW YORK – DECEMBER 20: Dog waste overflows from a city trash can on December 20, 2020 in … [+] Brooklyn. A recent snow storm and budget cuts due to the COVID-19 crisis, feeds fears that daily life services, such as trash collection, have declined dramatically in New York City. (Photo by Andrew Lichtenstein/Corbis
UNITED STATES – FEBRUARY 10: Chairman Richard Neal, D-Mass., left, and ranking member Rep. Kevin … [+] Brady, R-Texas, talk during the House Ways and Means Committee markup on COVID-19 relief measures. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images The major tax provisions of the pandemic relief
businessman chooses the path strategy 3d illustration getty In this installment of Willis Weighs In, Tax Notes contributing editor Benjamin M. Willis talks with DiAndria Green of Bennett Thrasher LLP, Amie Colwell Breslow of Jones Day, and Nicholas Kato of Leo Berwick about the twists and turns they encountered as tax professionals. From a lack
Businesses around the country have been slow to evaluate, or quick to assume they are ineligible for, the 2021 Employee Retention Credit (“ERC”). The result: a significant amount of cash is still being paid to the Federal government when it could remain with companies that need it. In 2021 the maximum amount of ERC is $7,000
The IRS is accepting 2020 tax returns starting February 12, 2021. getty The Internal Revenue Service says taxpayers should expect to face limited face-to-face operations, heavy call volume, and paper-processing delays as it opens today for tax season 2021, accepting tax returns for tax year 2020. And then there’s all the pandemic-related tax law changes
Travel concept. Blue and red passports background. 3d illustration getty In some circles 2020 became the year of the second passport. For a cool THB 10 million (about $334,000), Thailand is doling out residency to investors willing to build residential real estate. St. Kitts and Nevis slashed the cost of its golden visa by $45,000
Economic Security Planning, Inc. Today’s column addresses questions about whether to decide when to file according to a break even analysis, whether you must actively file for benefits taken after earlier benefits and how military credits are applied for periods of actively service. Larry Kotlikoff is a Professor of Economics at Boston University and the
Tax return professional interviewing a client. ASSOCIATED PRESS Good tax professionals ask good questions. If you are using a paid preparer for the first time or are using a new preparer this filing season be sure that they have been keeping up with current events. The coronavirus pandemic has resulted in a host of new
Economic Security Planning, Inc. Today’s column addresses questions about how continuing income can potentially increase benefit rates, whether delaying the last six months before turning 70 would really be worth it and what happens to Social Security disability benefits approaching full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and the