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6 Commonly Overlooked Tax Deductions to Maximize Your Return

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“Can a dead person deduct medical expenses?” “Can Retirement savings Dr. Shatonya Rosie Thomas, founder of Thomas Financial Services in Garland, Texas, says this is the most overlooked tax credit “by far.” “The You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan.

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What Is a Health Savings Account?

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They let you cover medical expenses like copays and deductibles while providing a tax break and helping you save for the future. Not everyone has access to these plans, but if you do, they can be invaluable for preparing for future medical expenses. However, you can still use the money on qualified medical expenses.

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Preparing to Move Overseas? Read This First

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Have you decided to live the #beachlife or the #retired life or just the #offgridlife? As soon as you move abroad , you’re in charge of paying for your medical expenses, as your United States health insurance won’t let you submit any assertions, says Elena Jones, a personal finance expert at FinanceJar. You have to file U.S.

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4 Smart Money Moves to Plan for Financial Security

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A survey by Insider and Morning Consult from 2019 showed that millennials were more likely to put off buying houses, making career moves, undergoing medical procedures and even getting hitched—all because of cash-related reasons. Start a retirement plan. You’re young, and retirement probably feels light-years away.

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Do I Need an Estate Plan?

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The executor you name will handle your bequests and filing pertinent information with the court. Having a living will, medical power of attorney and a last will and testament is a good start for most people. Some retirement accounts also dictate how assets can be distributed upon inheritance.

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Who’s Stuck With The Bill?

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You’ll also most likely need some office stationary like files, paper, pens and staplers. Then there are other more peripheral costs associated with working remotely that also need to be considered; you may need to take out your own medical insurance cover for remote workers if you’re not on your employers’ plan.

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Do I Need to Buy Life Insurance?

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In addition to the length and amount of the policy affecting the cost, finalizing a life insurance quote may require a medical exam before the policy can be underwritten and implemented. Others say to multiply your annual salary by the number of years you have before retirement. How do I know if I need to buy life insurance?

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