CARES Act changes how business losses are treated
In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]
What individuals need to know about the new CARES Act
The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting businesses. Below is a look at those provisions […]
Tax filing deadline extended until July 15
President Trump announced today that the April 15 individual tax filing deadlines will be extended until July 15 in light of the disruption from the coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin announced the tax payment deadline would be extended 90 days. Now, as a result of this most recent news, both the tax […]
IRS Tax Tip: Tax credit available for parents who adopt
Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The maximum […]
IRS Tax Tip: Gather records early for a smoother tax season
As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the needed documents on hand before starting to prepare their return. […]
Can you deduct charitable gifts on your tax return?
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 […]
IRS Free File is good option for many employees
Younger taxpayers who want to get a head start on filing their taxes can take advantage of IRS Free File. IRS Free File, which will open to taxpayers on Monday, Jan. 27, is available for taxpayers with modest incomes – less than $69,000 – making it the ideal solution for hourly employees and those still […]
SECURE Act brings changes to retirement plans, kiddie tax and more
Congress recently passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your […]
Gifts of cash could mean tax savings for you
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For […]