New Law Provides a Variety of Tax Breaks to Businesses and Employers
Good news for businesses and employers: A new law provides federal tax relief. Here are five highlights.
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.
Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions
Just in time for the holidays: A new law has been passed that may provide tax savings to you.
Adopting a Child? Bring Home Tax Savings With Your Bundle of Joy.
If you’re adopting a child, it is one of the happiest experiences of your life. There also may be substantial tax breaks available to offset the costs.
Do you Have a Side Gig? Make Sure you Understand Your Tax Obligations
These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.
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.
Using Your 401(k) Plan to Save This Year and Next
Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
Small Businesses: Stay Clear of a Severe Payroll Tax Penalty
Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid over to the federal government? Learn more about whom the IRS can go after at your business.
IRA Charitable Donations are an Alternative to Taxable Required Distributions
There’s a tax-smart strategy for high-net-worth individuals over 70-1/2 years old who have IRAs and are charitably minded.
Selling Securities by Year End? Avoid the Wash Sale Rule.
Have you cashed in some investment gains in 2019? You may be looking for unrealized losses in your portfolio so you can sell those investments to offset your gains before year end. This can reduce your tax liability. But don’t run afoul of this rule.