With the introduction of the SECURE Act, the exclusion from gross income for a discharge of qualified principal residence indebtedness has been extended. This is good news for taxpayers who had part or all of their mortgage forgiven by a bank or financial institution. Don’t miss: Welcome back tuition and fees deduction Qualified principal indebtedness …
Even though estate taxes don’t affect many people, they have been a hot topic in the political realm after the Tax Cuts and Jobs Act doubled the lifetime exemption. Don’t miss: Inherited IRAs The estate tax exemption has seen some extremely significant changes since it was enacted in 1916. At this point in time an …
Do you have a small business? Do you like to save money, especially in taxes? Have you considered setting up a retirement plan for you and your employees, but did not want to spend the money and time getting one set up? Then I have news for you! Don’t miss: Small employer automatic enrollment credit …
Recently, Congress passed and the President signed the SECURE Act “Setting Every Community Up for Retirement Enhancement”. This new legislation is the first major retirement reform since the Pension Protection Act in 2006. Don’t miss: IRA contribution and distributions to charity Many changes in the SECURE Act affect both 401k’s and IRA’s but one of …
Before 2019’s SECURE Act, you could not contribute to a traditional IRA account in the year you turned 70 1/2 and later years. Under the new SECURE Act, this age limit is repealed for contributions starting in 2020. Don’t miss: SECURE Act changes deadline for retirement plan As life expectancy for the average person increases, …
As a business owner, you are probably well-aware that offering a 401(k) plan to your employees has its advantages—ease of talent acquisition, increased retention rates and high morale. But if you happen to be a small business owner, providing a retirement plan to employees may not seem entirely feasible. Start-up costs are often expensive, the …
The 2017 Tax Cuts and Jobs Act (TCJA) brought about many reforms which benefited taxpayers. One such reform was the reduction in the medical expense deduction floor. Before TCJA, the limitation was set to go to 10%, so only medical expenses that exceeded 10% of one’s income would be deductible as an itemized deduction. This …
Almost everyone enjoys hearing about new tax credits and looking to see if it can benefit them on their personal or business return. The new Secure Act tax law includes an update to the nonbusiness energy property credit. What does this mean for you? Don’t miss: Fuel cell motor vehicle tax credit is back The …
Uncle Sam didn’t want bikers to miss out on the tax incentives enjoyed by the cagers (biker slang for people that drive cars, trucks, and vans) so the Qualified Two-Wheeled Plug-In Electric Drive Motor Vehicle Tax Credit (aka E-motorcycle Federal Tax Credit) that originally expired on December 31, 2017 was retroactively extended through December 31, …
As many know, the rule prior to the new SECURE Act stated required minimum distributions (RMDs) from traditional IRA or other qualified retirement plans were required to be taken by April 1 following the year a taxpayer reached the age of 70 ½. This rule is still in place for people who turned 70 ½ …