Author: Jim Probasco

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U.S. Tax Return for Seniors Definition
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U.S. Tax Return for Seniors Definition

What Is Form 1040-SR: U.S. Tax Return for Seniors? If you are 65 or older you have the option of using Form 1040-SR: U.S. Tax Return for Seniors rather than the standard Form 1040 when you file your taxes. It is virtually identical to Form 1040 except that it has larger type and gives greater...

How SBA Loans Can Help Your Small Business
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How SBA Loans Can Help Your Small Business

Information in this article reflects congressional funding as well as guidance from the Small Business Administration following passage of the Consolidated Appropriations Act (CAA), 2021, on Dec. 27, 2020, and the American Rescue Plan Act of 2021, signed into law on March 11, 2021. Whether you’re seeking financial help for your small business in response...

What Is Student Loan Deferment?
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What Is Student Loan Deferment?

What Is Student Loan Deferment? A student loan deferment lets you stop making payments on your loan or reduce the amount you pay for up to three years, in most cases. During the deferment period, no interest accrues on federally subsidized loans because the government picks up the interest payments. But interest on unsubsidized loans...

How to File Your Child's First Income Tax Return
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How to File Your Child’s First Income Tax Return

As your child moves toward adulthood, you face several milestone decisions that involve, in part, a desire to help your child become more independent and responsible. But one milestone for your child that you may not anticipate—even though it will be part of their growing-up experience—is filing that first income tax return. Key Takeaways Children generally...

Tax Deductions That Went Away After the Tax Cuts and Jobs Act
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Tax Deductions That Went Away After the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TJCA) was signed into law in 2017. The act nearly doubled the standard deduction and eliminated or limited many itemized deductions. The effect of the tax reform was that many people who used to itemize on Schedule A took the standard deduction instead. Below is a list of exemptions, deductions,...

Student Loan Forbearance: Advantages and Disadvantages
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Student Loan Forbearance: Advantages and Disadvantages

Student loan forbearance is a way to suspend or lower your student loan payments temporarily, typically for 12 months or less, during times of financial stress. Forbearance is not as desirable as deferment, in which you may not have to pay interest that accrues during the deferment period on certain types of loans. With forbearance,...

Using U.S. Savings Bonds As a Long-term Investment
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Using U.S. Savings Bonds As a Long-term Investment

If your investment strategy includes long-term bonds, you may want to consider U.S. savings bonds (typically referred to as Series EE Bonds). In addition to being patriotic, savings bonds might represent a smart investment in an ever-fluctuating economic environment. To make an informed decision, you need to compare savings bonds with other types of long-term bonds...

Reasons to File an Early Tax Return
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Reasons to File an Early Tax Return

Why Filing Early Makes Sense Even though many taxpayers file their tax returns on or about April 15, there is no need to put it off until the last minute. Indeed, filing an early tax return can make sense for a variety of reasons. Even if you don’t file early, there are reasons to begin...

The Rise of the Semi-Retired Life
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The Rise of the Semi-Retired Life

For many people, being semi-retired is preferable to being fully retired. Reasons vary from the oft-cited need for supplemental income to just wanting to remain busy. Whatever the explanation, a significant number of retirees plan to work part-time after they retire. In fact, according to data from the U.S. Census Bureau and the Bureau of...

Transfer IRA Money to an HSA
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Transfer IRA Money to an HSA

Did you know you can make a one-time, penalty- and tax-free rollover of money from your individual retirement account (IRA) to a health savings account (HSA)? The process is officially known as a qualified HSA funding distribution, and it was made possible by the Health Opportunity Patient Empowerment Act in 2006. Key Takeaways HSAs come...