Retirement Resources President, Dave Boike, Informs Readers About Recent Tax Breaks And The Bit Of Relief Offered By The Extended Tax Filing Date.
Retirement Resources President and Investment Advisor, Dave Boike the suffering and enduring hardships due to the COVID-19 pandemic and addresses some changes that may offer relief to many this tax season.
Auburn Hills, MI — April 22, 2021— Dave Boike, President of Retirement Resources and co-author of The Ultimate Success Guide with Brian Tracy, published a new article on the company website entitled, “This Tax Season May Be A Little Less Taxing Than Usual,” in which Mr. Boike acknowledges some of the more positive aspects during this tax season.
Boike states, “I am writing this article on April 15th, the day federal tax returns are usually due to be filed and outstanding taxes to be paid. It’s usually a pretty stressful day,” he acknowledges, adding, “However, this year we taxpayers have until May 17th to file due to the pandemic. This is not quite as long as the extension we were granted last year, but it is enough to provide much-needed breathing room to deal with the continued challenges presented by the COVID-19 pandemic.”
“With all the changes that have occurred in the tax law,” Boike says, adding, “and the PPP loans extended, taxpayers are understandably confused, and tax preparers are inundated. In addition, many people have had to withdraw funds from their retirement accounts and 401k plans just to make ends meet during the past year and a half. Unemployment issues plague others, while many still haven’t received any of the three stimulus payments. It is without question a confusing time for so many.”
Mr. Boike also reports that, “In addition to the extended time frame for filing your tax returns, there are other tax benefits to be aware of when preparing your taxes. For instance,” he explains, “the COVID relief package, which President Biden signed into law earlier this month, enables taxpayers who earned under $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if they’re married filing jointly, or $10,200 for all other eligible taxpayers. Be aware that this only applies to 2020 unemployment benefits.”
Boike also addresses concerns readers may have about early withdrawals from retirement accounts stating, “If you had to take early withdrawals from your retirement account, don’t worry, you are not alone.” He continues, “Fortunately, legislation that was enacted in March 2020 allows you to withdraw, up to $100,000 from qualified retirement accounts last year without facing a 10% early withdrawal penalty if you were under the age of 59½, for COVID-related reasons.” He elaborates, “Those reasons can include but are not limited to getting laid off from your job, working fewer hours or a spouse being diagnosed with COVID.”
Read the entire article at https://www.theretirementresource.org/single-post/this-tax-season-may-be-a-little-less-taxing-than-usual
About Dave Boike
Dave is a well-known financial educator, co-author of The Ultimate Success Guide with Brian Tracy, author of High Tide and contributing author of 21st Century Wealth. For over 30 years, Dave has been teaching investors age 55+ how to preserve their assets, increase their income, and reduce income taxes. He has taught Retirement Planning Classes at Michigan State University, Wayne State University and Oakland Community College.
For over 4 years, Dave was featured on NBC25 every weeknight at 6PM, discussing the daily market wrap-up. Many area retirees have used Dave’s advice to enjoy a financially independent retirement.
Dave is a Chartered Financial Consultant, a designation awarded only to the most experienced advisors who have completed a 10-course program of study, through the American College in Pennsylvania, focusing on Tax, Investment, Risk Management, Retirement and Estate Planning. He is an approved Member of the International Association of Registered Financial Planners, the Society of Financial Service Professionals. As a strong advocate of education, Dave recently spoke at The Michigan Association of CPA’s and is teaching a class at Oakland Community College.
Dave’s latest book, High Tide, A Practical Guide for Affluent Retirees to Protect, Profit and Prosper from the Coming Storm, talks specifically on the important challenges retirees are facing today and some new cutting-edge solutions to address those challenges. He teaches you in this easy to read book how to take the steps necessary to achieve your successful retirement.
Dave is Managing Member and Chief Compliance Officer of Retirement Resources, LLC, a Registered Investment Advisory Firm. Every year, since 2011, Retirement Resources has been awarded the 5 Star Wealth Manager of Michigan, which is only given to the top 7% of advisory firms.