The IRS has said it will allow taxpayers to opt-out of using facial recognition technology to gain access to their online accounts, and that it will shift to an entirely different identity verification system next year, as the agency tries to alleviate backlash over its use of biometric data. The IRS, which signed a two-year contract with third-party service ID.me to help authenticate people creating online accounts by using facial recognition, said it will continue to work with the firm. Taxpayers can still choose to have images of their faces scanned to gain access to their accounts, but those who decline to use facial recognition technology can verify their identity during a live, virtual interview with representatives from the company.
Tuesday, February 22, 2022
Tuesday, February 15, 2022
Traditional IRAs and most employer-sponsored retirement plans are tax-deferred accounts, which means they are typically funded with pre-tax or tax-deductible dollars. As a result, taxes are not payable until funds are withdrawn, generally in retirement.
Sunday, February 6, 2022
Thursday, January 13, 2022
As families grow in size and overall wealth, a desire to “give back” often becomes a priority. Cultivating philanthropic values can help foster responsibility and a sense of purpose among both young and old alike, while providing financial benefits. Charitable donations may be eligible for income tax deductions (if you itemize) and can help reduce capital gains and estate taxes. Here are four ways to incorporate charitable giving into your family’s overall financial plan.
Thursday, January 6, 2022
Contributing to an employer-sponsored retirement plan or an IRA is a big step on the road to retirement, but contributing to both can significantly boost your retirement assets. A recent study found that, on average, individuals who owned both a 401(k) and an IRA at some point during the six-year period of the study had combined balances about 2.5 times higher than those who owned only a 401(k) or an IRA. And people who owned both types of accounts consistently over the period had even higher balances.