December 2020 — Issue #39
A Word from the CEO

Last month's article, "6 End-of-Year Tax Tips for 2020," (see Recent Articles below for a link) focused on some tax credits and tax deductions for which you may be eligible. But what's the difference between a tax credit and a tax deduction? We address that question in this month's issue.

We also include an article that reviews the increases in Medicare premiums and deductibles that take affect on January 1, 2021.

Please also note these end-of-year financial housekeeping items.

  • Online access to your JRB retirement account will not be available from 4:00PM ET December 28 until 4:00PM ET December 30, 2020 due to maintenance. During this time you will not be able to make any investment changes to your JRB account.

  • Reminder to Retired Clergy — send your parsonage allowance declaration for 2021 to the JRB by December 28.

  • Now is a great time to increase your JRB retirement plan contribution. Not only will you reduce the 2021 taxes you pay, you'll build retirement security.

Please know that you can always reach out to the JRB to discuss any aspect of your financial and retirement plan. We are just an email or phone call 888-JRB-FREE (572-3733) away.

Enjoy the Remaining Days of Hanukkah,
What's the Difference Between
Tax Credits and Tax Deductions?
Both tax credits and tax deductions reduce the taxes you pay, but they work very differently.
2021 Changes to Medicare
Premiums and Deductibles
Medicare premiums and deductibles increase after the first of the year. How much more will you pay?
2021 Parsonage Allowance
Declaration Due December 28
Please submit your 2021 Parsonage Allowance Memorandum to the JRB by December 28, 2020.
Give Yourself a Gift!
Increase Your JRB 
Retirement Contribution
January is a great time to increase your JRB retirement contribution. You'll lower your taxes while building financial security.

Contact Your Employer to Increase
Your Retirement Contribution
Make an appointment to speak with Mitch to discuss how to achieve your financial and retirement goals.
In Case You Missed It. . .
From the JRB Learning Center

This information is for general purposes only and does not constitute legal, tax, or investment advice.