If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional Individual Retirement Account (IRA) right up until the Wednesday, April 15, 2020, filing date and…Read More
Virtual currency: Handle with care Recently, the IRS has been sending letters to taxpayers it believes owns virtual currency, such as Bitcoin, urging them to review past tax returns and, in some cases, affirm their accuracy under penalty of perjury. This puts taxpayers in a difficult position, because there are several unresolved issues regarding taxation…Read More
The amount of flexibility you build into your estate plan will go a long way toward how successful, ultimately, it is at carrying out your wishes after you’re gone. Using powers of appointment is one way to achieve that flexibility. Powers of appointment — defined A power of appointment is simply a provision in your…Read More
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are…Read More
“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some…Read More
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…Read More
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…Read More
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension…Read More
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