4 new law changes that may affect your retirement plan
Posted January 8, 2020 / No comments
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 MoreIRS confirms large gifts now won’t hurt post-2025 estates
Posted December 19, 2019 / No comments
The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018. The need for clarification The Tax Cuts and Jobs Act (TCJA) temporarily doubled
Read MoreSmall Businesses: It may not be not too late to cut your 2019 taxes
Posted December 16, 2019 / No comments
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service by
Read MoreAdopting a child? Bring home tax savings with your bundle of joy
Posted December 10, 2019 / No comments
If you’re 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 adoption expenses” for each adopted child. (This amount is increasing to
Read More2020 Q1 tax calendar: Key deadlines for businesses and other employers
Posted December 10, 2019 / No comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January
Read More3 last-minute tips that may help trim your tax bill
Posted December 3, 2019 / No comments
If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage
Read MoreThe art and science of goodwill impairment testing
Posted December 2, 2019 / No comments
Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether
Read MoreUsing your 401(k) plan to save this year and next
Posted November 29, 2019 / No comments
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.
Read MoreMedical expenses: What it takes to qualify for a tax deduction
Posted November 26, 2019 / No comments
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.
Read MoreWhat is your taxpayer filing status?
Posted November 19, 2019 / No comments
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December
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