Haywood Nursing
& Rehabilitation Center
Providing short
term rehabilitation
and therapy
services, including
Physical Therapy,
Occupational
Therapy and
Speech Therapy.
In-patient
Therapy offered
7 days a week!
Now Offering
Outpatient
Therapy: PT,
OT and ST.
Our Center
is committed
to offering a
compassionate,
caring approach
to long
term care.
We offer a variety of inspring & engaging
activities as well as private rooms.
Schedule a tour today by calling (828) 458-2599 or
call (828) 452-3154 for general info.
516 N. Wall Street, Waynesville
Open Zappar App and Scan code
25
Bringing in another year offers all
of us the opportunity to review last
year’s finances. A fresh look at our
finances is beneficial and can be an
eye opening experience.
were not as much of an issue as previously thought. The reasons
some taxpayers owed for 2018 is likely due to the elimination of certain
deductions as well as the elimination of deductions for dependents.
Another thing to contemplate for 2020 is whether you are
saving for retirement and if so will it be adequate to support you when
you retire? There are multiple types of retirement plans that mostly
carry an income tax advantage by reducing taxable income thereby
reducing overall tax. If you have an employer-sponsored retirement
plan, consider increasing what you already contribute by a small
percentage in the new year with the goal to meet at least what your
employer matches for you. For an Individual Retirement Account
(IRA) you have until April 15, 2020 or the filing date of your 2019 tax
return to make a contribution. The contributions for 2019 for an IRA
are $6,000 for wage earners and self-employed individuals with a $500
catch-up contribution for taxpayers over the age of 50. Should you
receive a year end bonus from your employer, consider setting some
of that aside to fund an IRA contribution. Most IRA contributions are
tax deductible although there are income limitations and other limits
relating to whether you and your spouse have access to an employersponsored
plan.
Finally, throughout my career I have seen many instances of
a lack of planning for death. While that is an uncomfortable topic for
most of us the fact remains we all will die someday (death and taxes
are the only absolutes). Consider meeting with an estate planning
attorney to have a Will and possibly a Trust setup to ensure that your
finances and assets are protected when you die. Failing to adequately
prepare for this can end up eating into the inheritance of beneficiaries
due to legal, accounting fees and court costs.
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