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Social Security – How Much Do You Really Know (Part 2)?

We have previously written about the hundreds of thousands of Americans who have not qualified for Social Security benefits. These are largely workers who apply their skills and perform work as independent contractors. Whether paid in cash or by check, their wages are difficult for the government to track. Therefore, many of these workers simply ignore the reporting and tax-paying demands of the Internal Revenue Service and, by inference, Social Security and Medicare. They will not qualify for benefits unless they start paying taxes.

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Social Security – How Much Do You Really Know?

For most of us, our Social Security benefits constitute an important part of our retirement income needs. Social Security is fundamentally a lifetime annuity system, and like all annuities, it is very complex. Maximizing lifetime benefits is our own responsibility, yet many Americans are woefully unaware of the myriad possibilities for collecting.

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Feeling Less Charitable in 2019?

The U.S. Tax Code has long provided an incentive for charitable givers, in the form of an itemized tax deduction for contributions to eligible charities. For taxpayers who itemize deductions on their returns, this directly decreased their tax bill. Was that tax deduction the reason these people supported their charities? Would they continue to give if that deduction were eliminated?

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Excerpts From a Letter to Clients

We continually ask ourselves the operative question, “What changed?”. We are probably smarter to ignore politics, but that is difficult in tumultuous times like these. Nonetheless, cooler heads will always prevail, but when that will start is anyone’s guess.

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December is Time to Harvest Tax Losses

Many misconceptions exist about the U.S. Tax Code provisions for claiming capital gains and capital losses. In our Financial Planning practice, we encounter many people who do not understand that any and all capital gains are able to be negated with capital losses, if incurred in the same calendar year.

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Veterans’ Aid & Attendance Program

Americans recently celebrated Veterans’ Day, the annual day for recognizing everyone who has ever worn the uniform of the U.S. Armed Forces. 2018 has been a year of focus regarding Veterans’ benefits, and we have uncovered a little-known benefit that will render needed assistance to certain veterans and their spouses.