June 4, 2021

June Newsletter

Here are your Articles for June 4, 2021.

Looking ahead: How the American Rescue Plan affects 2021 taxes

This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes.

Child and dependent care credit increased for 2021 only
The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in calculating the credit, modifies the phase-out of the credit for higher earners, and makes it refundable for eligible taxpayers.

For 2021, eligible taxpayers can claim qualifying employment-related expenses up to:
• $8,000 for one qualifying individual, up from $3,000 in prior years, or
• $16,000 for two or more qualifying individuals, up from $6,000.

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7 Valuable Deductions for Self-Employed Individuals
Did you recently launch a small business venture? Being self-employed brings new — and potentially sizeable — tax-saving opportunities that aren’t available to traditional W-2 employees. Here are seven common deductions to consider as you plan for the 2021 tax year. But don’t wait until the last minute: Frequently, it requires forethought to implement strategies and collect the appropriate supporting documentation.

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Let an Umbrella Policy Be Your Safety Net
If you have homeowner and auto insurance policies, you may think you are well protected. But these policies generally have limits that can easily be exceeded if you’re found liable in an accident. Where does that leave you? Read this article to find out what your exposure is and how you can bridge the gap with a personal liability umbrella policy. Plus, find out about dog bites and liability.

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Maximize Social Security Benefits When You Retire
Do you want to retire before reaching your full Social Security retirement age and work part-time? If so, you need to read this article so you can start planning to preserve your Social Security benefits. We’ll explain the rules involving how much you can earn and still qualify for full Social Security benefits, along with when you will reach “full retirement age” in the eyes of the federal government.

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Test Your Estate Strategy Knowledge
Creating an estate strategy is all about helping ensure that your final wishes are carried out and your assets are transferred to your heirs with managing taxes in mind. Many people underestimate the importance of making estate decisions, or put off the decisions until it’s too late, leaving a mess for their survivors. How well do you know the fundamentals of estate management?

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