There have been many tax updates over the past week for individuals, as well as business owners. I’m covering much of that on this page, with links to relevant resources. Reach out to me if you have questions about this information. View the COVID-19 Guide that provides a snapshot of scenarios and benefits available to employees, individuals,… Read More
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IRS Claims People First
The Internal Revenue Service’s (IRS) new initiative, “People First,” includes new measures in dealing with the fallout of the coronavirus public health emergency. Here are the latest updates on how the IRS is giving taxpayers some breathing room. Installment Agreements: Payments due on existing installment agreements are suspended from April 1 to July 15, 2020. But,… Read More
Taxes Must be Filed. But…
Time is of the essence when dealing with the fallout of COVID-19. The United States government is seeking ways to relieve some of the pressure on families and businesses that are profoundly affected by the pandemic. In an unprecedented action at the national level, Treasury Secretary Steven Mnuchin stated that taxpayers owing up to $1M… Read More
Tax-Planning Checklist
It’s never too early to start organizing information for your tax return. However, now is a great time to really focus on this effort. One thing I recommend is to attach this checklist to a paper folder or post it in a computer folder where you collect electronic files. That way you have easy access… Read More
The Game-Changer Tax Codes of 2020
A little change can go a long way. Get familiar with ten key tax changes in 2020. While there’s no massive overhaul in the tax code, there may be few game-changing moves that can save you money. Certain expired tax breaks were revived in December. If they apply to you, they could be a game-winning… Read More
Do Your Kids Have Unearned Income?
You’ll Get a Little Less of a Soaking in 2020! Changes to the tax code mean that your little squirts no longer “take a bath” at tax time! “Kiddie tax” has long been in place to restrict parents from re-arranging their income to take advantage of the lower tax rates of their children. Prior to… Read More
New Rules for Retirement
The SECURE Act of 2019 made many changes to how you save money for retirement; how you use your money in retirement; and how you can better use your Section 529 plans. Whether you are age 35 or age 75, these changes affect you and can help you to avoid outliving your assets. Take a… Read More
Jeopardy! Winnings and Uncle Sam
What is: The IRS Question: Who Else Profits from This Week’s Big Jeopardy! Championship? The three biggest winners in Jeopardy! history return this week for a championship showdown to decide–once and for all–who is the greatest of all time. Ken Jennings, Brad Rutter, and James Holzhauer will compete in a series of one-hour, stand-alone matches…. Read More
“High” Earners Need to Work a Little Longer in 2020
National “Have Fun at Work” Day is on January 31. Make the most of it–you will be doing a bit more of it (work, that is!) As of January 1, 2020, the maximum earnings subject to the Social Security payroll tax will increase by $4,800 to $137,700—up from the $132,900 maximum for 2019. The taxable… Read More
To Tax or Not to Tax
Which strategy is better? Paying your $50 doctor’s visit deductible with before-tax or after-tax dollars? If you said “before tax,” check if your employer offers an HSA (Health Savings Account) program. HSA’s are the tax-friendly way to pay your medical bills because dollars are deducted directly from your paycheck before taxes are calculated. Contributions made… Read More