Perhaps you are an investor in mutual funds or you are interested in putting some money into them. You are not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in...
If you are getting ready to file your 2019 tax return, and your tax bill is higher than you would 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...
An array of tax-related limits that affect businesses are annually indexed for inflation and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is...
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically do not file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can...
If you save for retirement with an individual retirement account (IRA) or other plan, you will be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The Setting Every Community Up for Retirement Enhancement Act of 2019, which...
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a variety 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...
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...
The number of people engaged in the ‘gig’ or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking...
If you are adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of ‘qualified...
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It is a good idea to understand the tax...