Author: Weston Fairbanks

Millions of senior citizens rely completely on Social Security payments. While most Americans rely on corporate retirement plans such as a 401(k) or an individual retirement account (IRA), these government perks can make or break your retirement. Let’s look at how Social Security is taxed once you reach the age of 70. Social Security is a federal program that was established in 1935 as part of President Franklin D. Roosevelt’s New Deal, a set of policies aimed at alleviating the effects of the Great Depression. Most people regard Social Security to be the cornerstone of America’s social safety net. Americans…

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May is quickly approaching, and millions of households are anticipating their next SNAP payouts. The Supplemental Nutrition Aid Program (SNAP) is the United States’ largest government nutrition assistance program. SNAP provides low-income families with monthly subsidies to assist them in purchasing qualified food items from authorized retailers. Benefits are usually distributed using an electronic benefits transfer card, or EBT card, but certain states may call this scheme something else. The Fiesta Card, for example, is the name of the New Mexico EBT card. The program’s administration is the responsibility of state agencies. You must apply for SNAP in your home…

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Making it to the half-century milestone should come with certain perks, and the Internal Revenue Service is ready to give them out. When you reach the age of 50, you become eligible for tax breaks that younger taxpayers do not have, such as the ability to contribute more to retirement funds. According to the AARP, some of the tax incentives extend back 20 years, when they were added in the Economic Growth and Tax Relief Reconciliation Act of 2002. The provisions were enacted in response to concerns among lawmakers that baby boomers were not saving enough for retirement. The Tax…

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Can You Deduct Rent? The short answer is yes, you can deduct your rent from your taxes. If your state allows it, you can deduct rent. But just 22 states allow this deduction. What you should know A financial advisor can help you establish a tax-efficient financial strategy. Rent Isn’t Tax Deductible While rental payments are not deductible from federal income taxes, mortgage interest, property taxes, improvement costs, and capital gains may be. Notably, few taxpayers claim mortgage interest or property tax deductions since they rarely exceed the standard deduction. However, some tax provisions allow tenants to deduct housing costs,…

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Many people have fallen behind on their rent payments since the outbreak began. While the economy has improved since 2020, many people’s personal finances have not. That means many people owe money to their landlords and are at risk of being evicted unless their obligations are paid. The good news is that there has been a lot of money available to suffering tenants in the form of federal rental aid, nearly $46 billion in all. The funds were included in the last two stimulus measures that were enacted into law. Many states have done an excellent job of distributing rent…

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The term “stimulus check” is one of the most popular in the United States. Demand for the checks has risen dramatically as of late. There have been petitions filed in support of the fourth batch of payments. Fake news is circulating in the midst of all the demands. The news of a $7000 bonus cheque has received a lot of traction. People started chatting about the likelihood of the check all over the place. The citizens were disappointed to learn that the speculations had been rejected. The claims, according to sources, are bogus. The federal government has not announced any…

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Although there has been no announcement of a new Federal stimulus check program in the United States, a Democratic Governor has recommended a fast track check for the people. Though there was a lot of talk about the federal government providing a fourth stimulus check, statements from the White House suggested that it was a bad idea. However, Colorado Governor Jared Polis has announced legislation that will provide financial help to qualifying American families. In Colorado, a $400 stimulus check will be distributed. Jared Polis teamed up with the state legislature to create a Cashback program with the goal of…

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During the shutdown, one of the few things that made Americans pleased was the stimulus checks. The federal government’s statement put a tremendous grin on the faces of majority of the families. Locals’ worries were relieved to a significant extent by stimulus money, which helped them manage with their day-to-day finances. During the pandemic, there was a huge increase in unemployment. People started to fall behind on their payments. The introduction of these checks resulted in a considerable reduction in the number of defaulters. There were no fresh announcements for the checks after the third one was put out. The…

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