### WordPress - Web publishing software
Copyright 2011-2019 by the contributors
This program is free software; you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation; either version 2 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin St, Fifth Floor, Boston, MA 02110-1301 USA
This program incorporates work covered by the following copyright and
permission notices:
b2 is (c) 2001, 2002 Michel Valdrighi - m@tidakada.com -
http://tidakada.com
Wherever third party code has been used, credit has been given in the code's
comments.
b2 is released under the GPL
and
WordPress - Web publishing software
Copyright 2003-2010 by the contributors
WordPress is released under the GPL
---
### GNU GENERAL PUBLIC LICENSE
Version 2, June 1991
Copyright (C) 1989, 1991 Free Software Foundation, Inc.
51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA
Everyone is permitted to copy and distribute verbatim copies
of this license document, but changing it is not allowed.
### Preamble
The licenses for most software are designed to take away your freedom
to share and change it. By contrast, the GNU General Public License is
intended to guarantee your freedom to share and change free
software--to make sure the software is free for all its users. This
General Public License applies to most of the Free Software
Foundation's software and to any other program whose authors commit to
using it. (Some other Free Software Foundation software is covered by
the GNU Lesser General Public License instead.) You can apply it to
your programs, too.
When we speak of free software, we are referring to freedom, not
price. Our General Public Licenses are designed to make sure that you
have the freedom to distribute copies of free software (and charge for
this service if you wish), that you receive source code or can get it
if you want it, that you can change the software or use pieces of it
in new free programs; and that you know you can do these things.
To protect your rights, we need to make restrictions that forbid
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These restrictions translate to certain responsibilities for you if
you distribute copies of the software, or if you modify it.
For example, if you distribute copies of such a program, whether
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you have. You must make sure that they, too, receive or can get the
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We protect your rights with two steps: (1) copyright the software, and
(2) offer you this license which gives you legal permission to copy,
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Finally, any free program is threatened constantly by software
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The precise terms and conditions for copying, distribution and
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### TERMS AND CONDITIONS FOR COPYING, DISTRIBUTION AND MODIFICATION
**0.** This License applies to any program or other work which
contains a notice placed by the copyright holder saying it may be
distributed under the terms of this General Public License. The
"Program", below, refers to any such program or work, and a "work
based on the Program" means either the Program or any derivative work
under copyright law: that is to say, a work containing the Program or
a portion of it, either verbatim or with modifications and/or
translated into another language. (Hereinafter, translation is
included without limitation in the term "modification".) Each licensee
is addressed as "you".
Activities other than copying, distribution and modification are not
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running the Program is not restricted, and the output from the Program
is covered only if its contents constitute a work based on the Program
(independent of having been made by running the Program). Whether that
is true depends on what the Program does.
**1.** You may copy and distribute verbatim copies of the Program's
source code as you receive it, in any medium, provided that you
conspicuously and appropriately publish on each copy an appropriate
copyright notice and disclaimer of warranty; keep intact all the
notices that refer to this License and to the absence of any warranty;
and give any other recipients of the Program a copy of this License
along with the Program.
You may charge a fee for the physical act of transferring a copy, and
you may at your option offer warranty protection in exchange for a
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**2.** You may modify your copy or copies of the Program or any
portion of it, thus forming a work based on the Program, and copy and
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**a)** You must cause the modified files to carry prominent notices
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**c)** If the modified program normally reads commands interactively
when run, you must cause it, when started running for such interactive
use in the most ordinary way, to print or display an announcement
including an appropriate copyright notice and a notice that there is
no warranty (or else, saying that you provide a warranty) and that
users may redistribute the program under these conditions, and telling
the user how to view a copy of this License. (Exception: if the
Program itself is interactive but does not normally print such an
announcement, your work based on the Program is not required to print
an announcement.)
These requirements apply to the modified work as a whole. If
identifiable sections of that work are not derived from the Program,
and can be reasonably considered independent and separate works in
themselves, then this License, and its terms, do not apply to those
sections when you distribute them as separate works. But when you
distribute the same sections as part of a whole which is a work based
on the Program, the distribution of the whole must be on the terms of
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Thus, it is not the intent of this section to claim rights or contest
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In addition, mere aggregation of another work not based on the Program
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**3.** You may copy and distribute the Program (or a work based on it,
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**a)** Accompany it with the complete corresponding machine-readable
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**c)** Accompany it with the information you received as to the offer
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This section is intended to make thoroughly clear what is believed to
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**8.** If the distribution and/or use of the Program is restricted in
certain countries either by patents or by copyrighted interfaces, the
original copyright holder who places the Program under this License
may add an explicit geographical distribution limitation excluding
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**NO WARRANTY**
**11.** BECAUSE THE PROGRAM IS LICENSED FREE OF CHARGE, THERE IS NO
WARRANTY FOR THE PROGRAM, TO THE EXTENT PERMITTED BY APPLICABLE LAW.
EXCEPT WHEN OTHERWISE STATED IN WRITING THE COPYRIGHT HOLDERS AND/OR
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KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
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PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME
THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.
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WRITING WILL ANY COPYRIGHT HOLDER, OR ANY OTHER PARTY WHO MAY MODIFY
AND/OR REDISTRIBUTE THE PROGRAM AS PERMITTED ABOVE, BE LIABLE TO YOU
FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR
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PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING
RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A
FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF
SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.
### END OF TERMS AND CONDITIONS
### How to Apply These Terms to Your New Programs
If you develop a new program, and you want it to be of the greatest
possible use to the public, the best way to achieve this is to make it
free software which everyone can redistribute and change under these
terms.
To do so, attach the following notices to the program. It is safest to
attach them to the start of each source file to most effectively
convey the exclusion of warranty; and each file should have at least
the "copyright" line and a pointer to where the full notice is found.
one line to give the program's name and an idea of what it does.
Copyright (C) yyyy name of author
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA.
Also add information on how to contact you by electronic and paper
mail.
If the program is interactive, make it output a short notice like this
when it starts in an interactive mode:
Gnomovision version 69, Copyright (C) year name of author
Gnomovision comes with ABSOLUTELY NO WARRANTY; for details
type `show w'. This is free software, and you are welcome
to redistribute it under certain conditions; type `show c'
for details.
The hypothetical commands \`show w' and \`show c' should show the
appropriate parts of the General Public License. Of course, the
commands you use may be called something other than \`show w' and
\`show c'; they could even be mouse-clicks or menu items--whatever
suits your program.
You should also get your employer (if you work as a programmer) or
your school, if any, to sign a "copyright disclaimer" for the program,
if necessary. Here is a sample; alter the names:
Yoyodyne, Inc., hereby disclaims all copyright
interest in the program `Gnomovision'
(which makes passes at compilers) written
by James Hacker.
signature of Ty Coon, 1 April 1989
Ty Coon, President of Vice
This General Public License does not permit incorporating your program
into proprietary programs. If your program is a subroutine library,
you may consider it more useful to permit linking proprietary
applications with the library. If this is what you want to do, use the
[GNU Lesser General Public
License](http://www.gnu.org/licenses/lgpl.html) instead of this
License.
8 Tax Breaks Retirees Can Use in 2024 - sinth.info
A senior couple reviewing the requirements for different tax breaks.
Imagine evenings spent on a sandy beach, weekends filled with family gatherings and afternoons engaged in hobbies. This or a number of other scenarios could be your retirement life. However, if you’re not properly prepared for taxes then it might end up taking more than you planned for from your fixed income. Luckily, the federal tax code comes to your aid with an array of tax breaks, tailored for retirees to lessen their tax burdens and boost their post-retirement income. Here are eight common tax breaks that you could take advantage of in retirement. You may, however, want to make sure you have an individualized tax planning strategy by working with a financial advisor.
1. Larger Standard Deduction
Everyone is able to take a standard deduction, but it actually increases when you reach age 65. Essentially, when you hit retirement your standard deduction goes up, leaving more money in your pocket. For instance, in 2023, the standard deduction for a single taxpayer stands at $13,850 and $27,700 for joint filers. Once you turn 65, your standard deduction increases by $1,850 for single filers and $1,500 per spouse for married filers.
2. No More Withdrawal Penalties
Typically, premature withdrawal from retirement accounts such as 401(k) or IRA before the age of 59 1/2 could attract penalties, but these end once you reach that age. This gives early retirees in particular more financial flexibility. Putting this in perspective, a retiree could make a $20,000 withdrawal from their retirement account without the usual 10% early withdrawal penalty, effectively saving $2,000.
3. Larger HSA Limit
For those aged 55 and older, the contribution limit to health savings accounts, tax-advantaged accounts for health-related expenses, increases by $1,000. This adjustment enables retirees to set aside more for healthcare costs. Healthcare costs often rise during retirement so the larger HSA limit provides a substantial opportunity for retirees to save adequately for these expenses.
For example, a retiree in the 24% tax bracket could save an extra $240 in taxes due to the increased HSA limit. This insight underlines the importance of healthcare savings, especially during retirement.
4. Higher Tax-Filing Threshold
A senior couple meeting with a financial advisor to optimize their retirement plan for tax breaks.
The tax-filing threshold is a minimum limit of gross income that an individual must reach before having to file a tax return. Fortunately for retirees, this threshold is elevated. The threshold for seniors aged 65 or older stands at $14,700 for single filers and $28,700 for joint filers (who are both age 65 or older) in 2023. The threshold is $12,950 and $25,900, respectively, before reaching 65 years of age. This higher threshold could help retirees avoid filing a tax return and potentially save on tax preparation costs.
5. Catch-Up Contributions
Catch-up contributions permit individuals aged 50 or older to contribute above regular limits to their retirement accounts, hence facilitating enhanced retirement savings. Maximizing these contributions under professional advice can significantly augment your retirement savings. For instance, the 401(k) the catch-up contribution limit stands at an additional $7,500 in 2023. This could be worth a lot of extra portfolio growth over time.
6. Elderly Credit
Certain taxpayers aged 65 or older are eligible for the elderly credit, which is a tax break that could mitigate the amount of tax owed up to $7,500. To qualify for this credit include Individuals with no dependents must have a gross income lower than $17,500. If you’re married and filing jointly with both spouses over age 65, your gross income must be less than $25,000.
7. Additional IRA Deduction
Taxpayers who contribute to an IRA can take advantage of an IRA deduction. Depending on your filing status and your adjusted gross income, the IRS may allow you to take a full deduction up to the amount of your contribution limit. And for contributors aged 50 or older, this deduction can go up by an extra $1,000 as they are allowed to make catch-up contribution for that amount. This means that a retiree in the 22% tax bracket would be able to save an extra $220 on their tax bill.
8. Qualified Charitable Distributions
Qualified charitable distributions refer to distributions from an IRA paid directly to a charitable organization. These distributions can be done tax-free, reducing the taxable income of a retiree. For example, a $5,000 distribution made by a retiree to a charity could potentially reduce their taxable income, saving up to $1,200 in taxes for someone in the 24% tax bracket.
How to Properly Plan for Taxes in Retirement
Planning for taxes in retirement is crucial to manage your finances effectively. Here are four common steps to help you properly plan for taxes during retirement:
Understand Your Retirement Income Streams and Tax Implications:
Identify income sources: Determine the various streams of income you’ll have in retirement, such as Social Security benefits, pensions, IRA/401(k) withdrawals, investment income, etc.
Know tax treatment: Understand how each income source is taxed. For instance, Social Security benefits might be partially taxable depending on your provisional income, while withdrawals from traditional IRAs/401(k)s are typically taxed as ordinary income.
Anticipate required minimum distributions (RMDs): Plan for RMDs from retirement accounts (like traditional IRAs or 401(k)s) after reaching the age of 73 and consider their impact on your taxable income.
Create a Tax-Efficient Withdrawal Strategy:
Consider tax diversification: Maintain a mix of taxable, tax-deferred, and tax-free accounts (like Roth IRAs) to provide flexibility in retirement income planning.
Plan withdrawals strategically: Assess which accounts to draw from first and how much to withdraw to minimize tax implications. This strategy might involve tapping into taxable accounts or Roth accounts first to delay taxable distributions from traditional retirement accounts.
Manage tax brackets: Aim to stay within certain tax brackets to optimize tax efficiency. Sometimes, spreading withdrawals over multiple years can help minimize the impact of higher tax rates.
Explore Tax-Saving Investments and Strategies:
Utilize tax-efficient investments: Consider investments that generate minimal taxable income, such as municipal bonds or certain index funds with lower turnover and tax consequences.
Use tax-loss harvesting: If you have taxable investment accounts, consider selling losing positions to offset gains, reducing your overall tax liability.
Explore health savings accounts (HSAs): Maximize contributions to HSAs if eligible, as they offer triple tax benefits – contributions are tax-deductible, growth is tax-deferred and withdrawals for qualified medical expenses are tax-free.
Continuously Review and Adjust Your Plan:
Keep up with tax laws: Be aware of any changes in tax laws that might affect your retirement planning strategy. Tax laws can evolve, and adjustments might be necessary to optimize your tax situation.
Re-evaluate and adjust regularly: Your financial situation and goals may change over time. Periodically review your retirement plan to ensure it aligns with your current circumstances, adjusting strategies as needed to optimize tax efficiency.
A senior couple reviewing tax breaks to reduce their tax liability.
Keeping these retirement tax breaks in mind can help lower your tax liability. By staying informed and being proactive in your retirement tax planning, you can optimize your nest egg to maintain a comfortable lifestyle.
Tips for Tax Planning
Taxes are vitally important to plan for, especially during retirement when you have a fixed income. A financial advisor can help prepare your finances to limit your tax liability and to protect you from the unexpected. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Before you get to retirement, you might want to consider knowing how much you’ll need when you get there. You can use a retirement calculator to help you estimate whether you’re saving enough for retirement.