Today’s top story: Can I deduct Medicare costs on my income tax? Also in the news: Is a personal loan or home equity loan right for your reno, the high price of money shame, and steps to take before you go to a car dealership if your credit score isn’t great. Can I Deduct Medicare […]
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Monday’s need-to-know money news
Today’s top story: How much car insurance do you really need? Also in the news: As major credit card issuers pull back amid COVID, startups stepped in, reboot your budget to prepare for reopening, and when to expect a refund for your $10,200 unemployment tax break. How Much Car Insurance Do You Really Need? Too […]
Q&A: Maxing out retirement benefits
Dear Liz: I turn 70 in July. Will I need to wait to start my Social Security benefits until 2022 to receive my full benefit, or can I start them in August 2021? Answer: There’s no need to wait to claim your benefits once they max out at age 70. If you did apply late, […]
Q&A: Filing taxes after a spouse’s death
Dear Liz: I am writing this email on behalf of my 88-year-old dad. He wanted to ask you this question: “My wife passed away Jan. 7, 2020. In filing my 1040 income tax for 2020, am I allowed to file as a married couple or required to file as a single person?” Answer: Your dad […]
Q&A: Paying taxes with plastic
Dear Liz: I am selling a rental property that I have owned for several years. I know I could do a 1031 exchange, which would allow me to put off the tax bill by investing in another commercial property. But I just want out. I’ll pay the capital gains tax and invest the rest of […]
Q&A: Refreshing an old credit card
Dear Liz: I have and use three credit cards, two of which offer cash-back rewards. The third has no rewards program, so I would like to get rid of it and replace it with a new card that offers cash back or miles. But I’m afraid if I cancel this card my credit score will […]