Tax Planning
Key Retirement and Tax Numbers for 2020
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.
Employer retirement plans
- Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,500 in compensation in 2020 […]
Qualified Charitable Distributions: Using Your IRA to Give from the Heart
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed that they no longer benefit […]
How Safe Are Your Revenue Bonds?
In case you didn’t know, the U.S. territory of Puerto Rico is in financial hardship. The country issued about $120 billion in municipal bonds and now cannot pay the interest let alone the principal. The bonds were easy to sell because yields on Puerto Rico bonds are tax-free for federal and state income […]
Charitable Giving After Tax Reform
Tax reform changes to the standard deduction and itemized deductions may affect your ability to obtain an income tax benefit from charitable giving. Projecting how you’ll be affected by these changes while there’s still time to take action is important.
Income tax benefit of charitable giving
If you itemize deductions on your federal income tax return, you […]
How can I get a tax break for child care?
More than 60% of children under age six in the United States have two parents in the workforce1. Many of these working parents must spend a burdensome share of their earnings on child care, especially if they don’t have relatives who are willing and able to help out.
The following tax benefits may help you offset […]
Due Date Approaches for 2018 Federal Income Tax Returns
Tax filing season is here again. If you haven’t done so already, you’ll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to […]
Tax Scams to Watch Out For
While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme.
Here are some of the more common scams to watch out for.
Phishing
Phishing scams […]
Hidden Gem: HSAs in Retirement
When saving for retirement, you’re probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA).
HSA in a nutshell
An HSA […]
Key Retirement and Tax Numbers for 2019
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2019.
Employer retirement plans
- Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,000 in compensation in 2019 […]
ten year-end tax
The Tax Cuts and Jobs Act has essentially eliminated the so-called “marriage penalty.” However, the new law imposes a new “stealth” marriage penalty that will impact taxpayers in higher-tax states.
The marriage penalty is generally defined as charging more federal taxes on married couples with two incomes than could be charged on the same couple if […]
- Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,000 in compensation in 2019 […]
