Northeast Ohio financial expert offers tax tips for the unique year that was 2020
Updated Feb 11, 2021;
Posted Feb 11, 2021
Rapidly changing tax laws have been complicated by various pandemic-related considerations that will likely affect many in Northeast Ohio. (Chris M. Worrell, special to cleveland.com)
Facebook Share
CLEVELAND, Ohio Although rapidly changing tax laws have come to be expected, the pandemic adds a layer of complexity to 2020 returns. Fortunately, Bryan Bibbo of J.L. Smith Group in Avon offers a number of simple tips that will help ensure the best possible outcome for all Northeast Ohio tax filers.
Many people nationwide missed out on a 2020 stimulus payment. According to Bibbo, the Recovery Rebate Credit will compensate dollar for dollar those who missed out, whether they owe taxes or not.
Channel3000.com
December 18, 2020 1:13 PM Kat Tretina - Forbes Advisor
Posted:
Updated:
December 20, 2020 6:06 AM
When it comes to retirement planning, Americans are often way behind. In fact, in 2019, almost half of households headed by someone 55 or older had no retirement savings at all, according to the U.S. Government Accountability Office.
Many people won’t have enough money to live comfortably and will rely solely on Social Security to pay for their living expenses. But retirement doesn’t have to look this way for you.
Here’s everything you need to know about the best types of retirement plans available and how to decide which one is best for you.
Channel3000.com
December 18, 2020 12:48 PM Kate Ashford - Forbes Advisor
Posted:
Updated:
December 20, 2020 6:06 AM
A Simplified Employee Pension (SEP) plan lets self-employed individuals and small business owners establish individual retirement accounts, called SEP IRAs, for themselves and their employees. The SEP IRA works a lot like a traditional IRA, but there are additional rules and benefits you need to understand to decide if this retirement plan is right for your small business.
The Benefits of SEP IRAs
Don’t let the word pension fool you: SEP IRAs are defined contribution retirement plans. Think of SEP IRAs as part 401(k) plan and part traditional IRA, except employers make contributions to the plan. An SEP IRA offers tax-deferred growth for contributions, and withdrawals are taxed as regular income when employees make withdrawals in retirement.