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Cut Your Tax Bill with IRAs

Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or SEP and benefit on your 2019 tax return.

Tax Code Changes in 2020

As 2019 draws to a close, Congress made three significant changes to the tax code regarding IRAs. In the last few days of the Congressional year, Congress passed two spending bills to keep the government running for another year.

Your 2020 Annual Contribution Limits

As 2019 is comes to a close, we all begin to look ahead to 2020. For 2020 many of the contribution limits increased from their 2019 levels. In calculating these, IRS compares the official cost of living increase from September of 2019 to September of 2018.

What is Your Taxpayer Filing Status?

Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? This explains what the federal tax filing statuses are and who can claim them.