Charge me up! E-motorcycle federal tax credit is back

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, …

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Required minimum distribution age raised with SECURE Act

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 …

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SECURE act changes deadline for retirement plans

Near the end of 2019, congress passed the Setting Every Community Up for Retirement Enhancement Act, or as most people call it, the SECURE Act. If you are a frequent reader of our blogs, you’ve probably noticed that we’ve had quite a few about the SECURE Act and all of the changes it made going …

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Inherited IRAs: How the SECURE Act can affect your distributions after death

On December 20, 2019, President Trump signed the Setting Every Community Up For Retirement Enhancement (SECURE) Act. There has been a lot of buzz around this, especially due to the provisions that affect inherited individual retirement accounts (IRAs). The largest change the SECURE Act made was to basically eliminate “Stretch IRAs”. “Stretching” an IRA was …

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Charge me up – Fuel cell motor vehicle tax credit is back

Environmentalists and makers of fuel cell vehicles are once again charged up over the return of the Fuel Cell Motor Vehicle Tax Credit. This tax credit had originally expired on December 31, 2017 but was retroactively extended through December 31, 2020 by the SECURE Act that became law on December 20, 2019. Alternative Fuel Vehicle …

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Penalty Free Retirement Account Withdrawals

For anyone who has a child, they know sometimes the pain doesn’t end at the point of delivery.  Don’t get me wrong. Children are a blessing, but with them come sleepless nights, diaper changes and yes, financial pressures. A study by Health Affairs found that for the average new mother with insurance who gave birth …

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Kiddie tax changes under SECURE Act

Congress recently passed the SECURE Act which changed reporting for the Kiddie Tax in a taxpayer-favorable way. The “Kiddie Tax” is assessed on a child’s unearned income (think interest, dividends, capital gains, etc.) over a threshold amount. That amount is $2,200 for 2019 and 2020. The tax applies to dependents if they are under 19 …

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SECURE Act results in tax credit opportunities for employers

With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …

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