• March 31, 2020

Odessa American: Business & Finance

e-Edition Subscribe

Business & Finance

Pet Central


Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>



Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>



Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>



Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>

Friday 03/27/2020
Expert Series: Financial Spring Cleaning: It’s Time to Care for Your Financial Health
Updated: March 31, 2020 - 2:30 am

(BPT) - By Cetera Financial Group

more »
Tuesday 03/24/2020
Book Reveals How to Have 300 Percent More Retirement Income
Posted: March 24, 2020

(NewsUSA) - In these times of market uncertainty, investors are looking for alternatives, and one company, SmartWealth, has their backs.

more »
Wednesday 03/11/2020
Life insurance isn’t just for older folks — here’s why
Updated: March 31, 2020 - 2:30 am

(BPT) - If you are a young professional, you are likely already making financial choices at work and home that critically affect your future. But are you taking advantage of every available opportunity to help protect your assets? Perhaps no aspect of financial planning gets overlooked more than life insurance.

more »
Tuesday 03/10/2020
An IRS Incentive To Save For Retirement
Updated: March 12, 2020 - 2:33 am

(NAPSI)—Saving for retirement can be challenging when juggling competing financial priorities, such as building short-term savings, paying off debt, and just covering basic living expenses. The good news is that the Saver’s Credit—a little-known tax credit made available by the IRS to eligible taxpayers—could reduce your federal income taxes when you save for retirement through a qualified retirement plan, such as a 401(k) plan or an Individual Retirement Account (IRA).

The 19th Annual Transamerica Retirement Survey found that fewer than four in 10 U.S. workers (38 percent) are aware that the Saver’s Credit exists. “On top of the tax-advantaged treatment of saving for retirement in a 401(k), 403(b) or IRA, the Saver’s Credit is an additional benefit that may reduce a worker’s federal taxes,” says Catherine Collinson, president of nonprofit Transamerica Center for Retirement Studies®. “Many eligible retirement savers could be confusing these two incentives, simply because the idea of a double tax benefit sounds too good to be true.”

What Is the Saver’s Credit?

It is a non-refundable tax credit for contributions an eligible taxpayer makes to a 401(k), 403(b) or similar employer-sponsored retirement plan, a traditional or Roth IRA, or an ABLE account. The maximum credit is $1,000 for single filers or individuals and $2,000 for married couples filing jointly.

Tips for claiming the Saver’s Credit:
1.    Check Your Eligibility
To be eligible, the maximum Adjusted Gross Income (AGI) for single filers is $32,000 in 2019 and $32,500 in 2020. For the head of a household, the AGI maximum is $48,000 in 2019 and $48,750 in 2020. For those who are married and file a joint return, the AGI maximum is $64,000 in 2019 and $65,000 in 2020.

You must be 18 years or older by January 1 and cannot be a full-time student or be claimed as a dependent on another person’s tax return.

2.    Save for Retirement

To claim the Saver’s Credit for 2019, you must have contributed to a 401(k) or 403(b) or similar employer-sponsored retirement plan, a traditional or Roth IRA, or an ABLE account.

Save for retirement in your employer’s retirement plan, if offered, or in an IRA. In general, for every dollar you contribute to a qualified retirement plan or IRA (up to the lesser of the limits permitted by an employer-sponsored plan or the IRS), you defer that amount from your current overall taxable income on your federal tax return—and you may also qualify for the Saver’s Credit. After-tax contributions, such as those made to a Roth IRA or Roth 401(k), are also eligible for the credit, but rollover contributions are not eligible.

You have until April 15, 2020 to make a contribution to an IRA for tax year 2019.

3.    File Your Tax Return and Claim the Saver’s Credit

When you prepare your federal tax returns, you can claim the Saver’s Credit by subtracting this tax credit from your total federal income taxes.

Workers who are eligible to claim the Saver’s Credit are also eligible to take advantage of the IRS Free File program for taxpayers with an AGI of $69,000 or less. Ten commercial software companies make their tax preparation software available through the Free File program at www.irs.gov/FreeFile.

•    If you are using tax preparation software to prepare your tax return, including those programs offered through the IRS Free File program, use Form 1040, Form 1040-SR, or Form 1040-NR. If your software has an interview process, be sure to answer questions about the Saver’s Credit, also referred to as the Retirement Savings Contributions Credit, or Credit for Qualified Retirement Savings Contributions.

•    If you are preparing your tax return manually, complete Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your exact credit rate and amount. Then transfer the amount to the designated line on Schedule 3 (used with Forms 1040 and 1040-SR) or Form 1040-NR.

•    If you are using a professional tax preparer, be sure to ask about the Saver’s Credit.

•    If you receive a refund, consider directly depositing it into an IRA to boost your retirement savings further.

Don’t overlook this important tax credit; it may help reduce what you owe in federal taxes or increase your refund. Help spread the word about the Saver’s Credit by telling family, friends, and colleagues. It may meaningfully impact an individual’s long-term savings, and even inspire non-savers to start saving for ­retirement.

For more details and resources on the Saver’s Credit in English and Spanish, visit Transamerica Center for Retirement Studies® at www.transamericacenter.org/SaversCredit.

Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute®, a nonprofit, private foundation.

 "The #SaversCredit can reduce your federal #incometax when you save for #retirement through an eligible plan. #IRS #401(k) #IRA #403(b)http://bit.ly/3azCB17"

more »
How to pick a tax professional
Posted: March 10, 2020

(BPT) - Choosing the right tax professional is an important decision. Their expertise could positively or negatively impact your refund, the largest single financial transaction many people have all year. Tax pros review your financial info and have access to your personal data. Unfortunately, not all tax preparers have your best interest in mind. The IRS is even warning people to watch out for unethical “ghost” preparers who are looking to make a fast buck through fraudulent refund claims and direct deposit scams.

more »
Monday 03/09/2020
5 Financial Planning Tips for Women
Posted: March 09, 2020

(StatePoint) The demographics of women have rapidly evolved over the last half-century. Now a prominent component of corporate America and the global business landscape, women are increasingly assuming stewardship of family and business finances.

more »
Friday 03/06/2020
3 Things to Know About 401(k)s in 2020
Posted: March 06, 2020

(StatePoint) Workplace retirement plans, including 401(k)s, 403(b)s and 457 plans, provide an important long-term savings tool for many Americans. About 55 percent of U.S. workers across public and private sectors participated in workplace retirement plans in 2018, according to the Bureau of Labor Statistics.

more »
Thursday 03/05/2020
Tax preparation services should be transparent to customers
Posted: March 05, 2020

(BPT) - For many Americans, the tax refund represents the most significant financial event of the year, with 86% of Americans saying their tax outcome impacts their financial confidence for the entire year, according to a recent H&R Block survey.

more »
In Honor of Women: Gender Gaps At A Glimpse
Updated: March 09, 2020 - 2:30 am

(NAPSI)—As we honor America’s approximately 169 million women this month, let us keep in mind where progress has been made while also calling out where access to opportunities are still not equal.

While women average fewer earnings than men—and women of color earn even less than that, according to the 2018 American Community Survey, single women own 1.5 million more homes than single men. Women are also seeing more success when it comes to managing their money. According to Fidelity Investments’ ‘Who’s the Better Investor, Men or Women 2017,’ women save more money than men and their investments also earn more money annually.

However, despite these facts, women have typically had less access to tools that promote financial stability. Only one in three women own individual life insurance, according to LIMRA’s ‘Life Insurance Ownership in Focus, U.S. Personal Trends: 2016.’ Women are also 80 percent more likely to be impoverished in retirement (National Institute on Retirement Security  2016).

Companies like Jenny Life are building financial products that help women and families gain equal access to tools promoting financial stability. For more facts and free resources visit www.jennylife.com and download the app on iOS and Google play.

more »
Wednesday 03/04/2020
Survey: Nearly 1 in 3 DIY tax filers admit they need to do a better job at saving money [Video]
Posted: March 04, 2020

more »
More Money And Finance
Thursday 03/12/2020
Private Jets No Longer for the Rich and Famous
Posted: March 12, 2020

(NewsUSA) - Remember the excitement of calling your first Uber or LYFT ride? With the download of an app and the click of a button, convenience and transportation were right at your fingertips. The days of standing on the corner hailing a cab or hiring a car service are over (for most.)

more »
Friday 03/06/2020
3 Expert Pay Negotiation Tips for Women
Posted: March 06, 2020

(StatePoint) As advocates continue to put gender equity under a microscope and some progress has been made, there’s still a long way to go. The income gap between men and women has yet to be closed, and while employers have a huge role to play in creating a level playing field, many women could advocate for themselves more effectively during salary negotiations.

more »
Thursday 02/20/2020
What to Know About Financial Advising Career Paths
Posted: February 20, 2020

(StatePoint) If you’ve decided to pursue a career in financial advising, there are a few things you should know about the many opportunities within this fast-growing field.

more »
Thursday 02/06/2020
How to Tell if Bad Marketing Is Causing Poor Sales
Updated: March 19, 2020 - 2:34 am

While most products fail, they shouldn't fail because of marketing.

more »
Tuesday 01/28/2020
Fully Escorted Tours Introduce Retirees to Costa Rica
Updated: March 13, 2020 - 2:32 am

(NewsUSA) - Retirees seeking comfortable climates, relaxed lifestyles, and affordable, quality medical care might find a hidden gem in Costa Rica.

more »
Wednesday 01/22/2020
Small Business Owners Say Continual Tech Investments Are Critical
Posted: January 22, 2020

(StatePoint) A new survey of small business executives reveals key insights of what it takes to stay competitive today -- and technology and attracting top talent are crucial.

more »
Tuesday 01/14/2020
Middle Market Companies Upgrading Technology to Drive Growth
Posted: January 14, 2020

(StatePoint) Technology and talent are key drivers of future growth, middle market executives say in a new survey.

more »
Thursday 01/09/2020
6 Reasons to Use Infographics as Part of Your Content Strategy
Updated: January 24, 2020 - 2:30 am

(NewsUSA) - It used to be that Infographics were the "It" tool for marketing - until they weren't. To understand why infographics aren't dead, and should still be a viable campaign strategy for clients, we have to understand the history behind them.

more »
Thursday 12/26/2019
Myths vs. Facts of Landing a Skilled Trade Job
Posted: December 26, 2019

(StatePoint) With the demand for skilled trade workers growing nationwide, you may be looking to launch your career, change professional paths, or hone current skills in order to advance in your industry.

more »
Friday 12/20/2019
Get Professionally Fit in 2020 With Expert Online Leadership Training
Updated: January 09, 2020 - 2:43 am

(NewsUSA) - As 2020 approaches, make the new year and new decade the time to turn heads in your profession by boosting your leadership skills.

more »
More Business And Careers

Odessa, TX

Current Conditions

Humidity: 16%
Winds: S at 10mph
Feels Like: 76°

Your Extended Forecast


High 79°/Low 56°
Considerable cloudiness. Lows overnight in the mid 50s.


High 77°/Low 57°
Mostly cloudy. Highs in the upper 70s and lows in the upper 50s.


High 86°/Low 55°
Sunny. Highs in the mid 80s and lows in the mid 50s.
Online Features

Pet Central


Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>



Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>



Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>



Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>

  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.