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11 Tax Breaks for the Middle Class
By Sandra Block, David Muhlbaum of Kiplinger |
If you believe that tax breaks are only available for hedge fund managers and companies with offshore subsidiaries, you re probably paying too much to the IRS. The fact is that
lawmakers have enacted dozens of tax incentives targeted at middle- and lower-class families. If you re not taking full advantage of them, it s probably because you re not aware of them.
Take a look at these 11 tax breaks for ordinary Americans and make sure you re not missing out
. Some of these deductions and credits can literally save you thousands of dollars. That s a nice chunk of change that you don t want to pass up.
Fund Your IRA, Cut Your Taxes Kiplinger 12/16/2020 © Provided by Kiplinger
As you get ready to tackle your 2020 tax return, make sure you haven t overlooked one of the best ways to cut your tax bill and secure your future funding a traditional IRA. (There is no upfront tax break for funding a Roth IRA.)
You can actually make an IRA contribution for the 2020 tax year up until the time you file your tax return, which is due April 15, 2021. But why wait? If you have some extra income – say, from a stimulus check – go ahead and deposit it into an IRA account now before you forget. You ll also give the money a little more time to grow, which you ll appreciate when you retire.
florida, they are likely to lose the entire election, but in the final stretch of the campaign, the president is on defense, spending most of his time campaigning in states like florida that he won in 2016. but democrats are hoping they can steal this state. in fact, tomorrow, former president barack obama will be here in florida campaigning for joe biden. david? as we watch the voters leave the trump rally behind you. rachel scott, thank you. with early voting under way across the country and so much concern how to vote safely during this pandemic, our partners at 538 put together that easy to use state by state guide. how to vote both in person and by mail. go to abcnews.com/wntvote2020. we are also learning a teenager is in custody. federal authorities say there was a plot to assassinate joe biden. abc s chief justice correspondent pierre thomas now. reporter: tonight, a seattle man is in custody as authorities investigate a potential plot to kill presidential candidate joe
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