Taxes

Economic Security Planning, Inc. Today’s column addresses questions about taking retirement benefits early before switching to spousal benefits at full retirement age, whether or not to notify Social Security about a change in projected income and when widow’s benefits can be started. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

MAJADAHONDA, MADRID, SPAIN – MAY 11. A mother in Spain working while taking care of her infant … [+] child. (Photo by Miguel Pereira/Getty Images) Getty Images Even while the nation struggles with vaccinations, we want to know if the Covid-19 pandemic has made permanent changes to the economy, with some observers assuming office work will

People. Need. Fun. Yeah, yeah…that’s not exactly news, but given the current climate, it bears repeating. The ‘Hamilton’ musical signage hangs outside of the Richard Rodgers Theatre in the Times Square area … [+] of New York, U.S., on Sunday, May 22, 2016. Forty theaters sold a record $1.365 billion worth of tickets during the

President-elect Joe Biden has unprecedented plans for the housing industry. His proposal for $640 billion over 10 years includes three tax incentives — a new renter’s tax credit, a refundable first-time homebuyer’s credit, and an expansion of the low-income housing tax credit (LIHTC). The incoming administration will likely review and finalize recently released proposed regulations (REG-119890-18) on

Economic Security Planning, Inc. Today’s column addresses questions about how continuing to work can increase benefit amounts, whether to file for early retirement benefits while receiving Social Security disability benefits and how the earnings test can affect a benefit taken before full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and

I’ve never been big on celebrating the New Year. When I was in high school and for much of my early 20’s, I worked for a party decorating company and I spent late December tying tens of thousands of balloons. Maybe hundreds of thousands. On New Year’s Eve, as midnight approached and champagne flowed, I

BRAZIL – 2020/10/09: In this photo illustration the Internal Revenue Service (IRS) logo seen … [+] displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images The Internal Revenue Service (IRS) has announced that the “Get My Payment” tool is now open. Folks looking for information about

ATLANTA, GEORGIA – JANUARY 04: President-elect Joe Biden speaks during a campaign rally with … [+] Democratic candidates for the U.S. Senate Jon Ossoff and Rev. Raphael Warnock the day before their runoff election in the parking lot of Centerparc Stadium January 04, 2021 in Atlanta, Georgia. Biden’s trip comes a day after the release

Economic Security Planning, Inc. Today’s column addresses questions about becoming eligible for spousal benefits after marriage, drawing spousal benefits after taking early retirement benefits and when SSA recomputes benefit amounts to account for continuing income. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

AFP via Getty Images As Yogi Berra would say, “It like déjà vu all over again”. At least that is what many ultra-high net worth individuals and families are feeling as election day looms in Georgia. Two months before in the lead up to the presidential election, many were feeling that the election outcome would have a

WASHINGTON, DC – December 31: President Donald Trump walks to the Oval Office after returning from … [+] Florida. (Photo by Bill O’Leary/The Washington Post via Getty Images) The Washington Post via Getty Images One of the very oddest things about the bizarre debate over whether to increase the latest round of direct government payments

Alexander Tamargo/Getty Images, Jeff Fusco/Getty Images, Mark Wilson/Getty Images Stocks could sink at first, but for long-term investors—if history is any guide—it won’t really matter who wins. By Halah Touryalai, Sergei Klebnikov, & Eliza Haverstock M arkets have been bracing for what investors could view as alarming results out of two U.S. Senate runoff elections

The higher your tax bracket, the more you save by signing up for healthcare and dependent care FSAs … [+] at work. getty Got leftover money stuck in your healthcare or dependent care FSA? The giant year-end spending package provides tax relief for workers who socked away pre-tax money into flexible spending accounts for 2020

getty 2020 has been an incredibly challenging year for all Americans. The pandemic’s impact on the physical, mental and financial health of the country has led many Americans to struggle to survive.    As we come to year end, many Americans are taking one last look at their tax planning and considering what type of

Economic Security Planning, Inc. Today’s column addresses questions about whether continuing to work ensures increased benefits, filing for reduced spousal benefits before a spouse passes away and the differences between restricted applications and filing for and suspending a retirement benefit. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

In a recent case, the Fifth Circuit addressed the definition of “the return” for purposes of starting the statute of limitations. In a win for the taxpayer, the court held that the regulatorily prescribed form is not necessarily the only document that can start the statute of limitations.  A brief summary of the salient facts.

SOPA Images/LightRocket via Getty Images If this time last year, you would have suggested that I would spend a majority of my time in 2020 away from my office and reliant upon the tax community on social media to help keep me both informed and sane, I likely would have laughed at you. Don’t get

US President-Elect Joe Biden (Photo by Alex Edelman / AFP) (Photo by ALEX EDELMAN/AFP via Getty … [+] Images) AFP via Getty Images Biden, like every other candidate, made a lot of promises during the campaign, including what he would do about taxes. Now his transition team has laid out plans. They do not quite

getty The Internal Revenue Service (IRS) is emphasizing that no action is required by eligible taxpayers for the second round of Economic Impact Payments (EIPs, or stimulus checks). As noted earlier, initial direct deposit payments began arriving as early as last night for some and will continue into next week. Paper checks will begin to be mailed

Republicans refuse federal aid for state and local budgets in part because of hostility to public … [+] employee pension plans. getty In the drama over the federal Covid-19 relief legislation, Republicans led by Senate Majority Leader Mitch McConnell (R-KY) rejected state and local budget aid, claiming it would be used to bailout badly managed