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Saturday November 16, 2019

News

Our News
Exciting events are happening at Salvation Army
Thank you for your interest in The Salvation Army Central Territory. Our hope is to serve you and your family with helpful information.
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Personal Planner - Ten Reasons to Update Your Estate Plan
Ten Reasons to Update Your Estate Plan
You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are in place. All of your records are safely in place and carefully...
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Savvy Living - How to Choose a Walk-in Bathtub
How to Choose a Walk-in Bathtub
Because of my mobility problems, I am thinking about getting a walk-in bathtub that’s easy to get into and out of but could use some help selecting one. What can you tell me about walk-in tubs,...
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Washington News - IRA and 401(k) Contributions in 2020
IRA and 401(k) Contributions in 2020
On November 6, 2019, the IRS announced the 401(k) and IRA contribution limits for 2020. The IRA limit remains at $6,000 in 2020. Individuals over age 50 may make a catch-up contribution of $1,000, for a total transfer of $7,000 in 2020. Traditional IRA contributions from pre-tax income are tax deductible. The traditional IRA has two main tax benefits – contributions are tax deductible and grow tax free. If you are covered by a qualified retirement plan at your workplace, the IRA deduction may be reduced or phased out. Single Taxpayers with Workplace Plan – IRA contributions for single taxpayers are phased out for individuals with incomes from $65,000 to $75,000. Married Couple with Workplace Plan...
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