Auto depreciation limits remain unchanged for 2020
The deprecation limits for passenger automobiles remain unchanged for 2020. The IRS issued this month the annual depreciation dollar caps for vehicles purchased after September 27, 2017, and first placed in service in 2020. Those limits for taxpayers eligible for bonus first-year depreciation deduction for qualified property under Section 168(k) are: $18,100 for the placed-in-service […]
Some Economic Impact Payments sent by prepaid debit cards
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, and the IRS announced this week that some payments are being sent by prepaid debit card. The debit cards will arrive in a plain envelope from “Money Network Cardholder Services.” According to the IRS, nearly 4 million […]
Coronavirus and Economic Impact Payments FAQs from IRS
Click below for a list of frequently asked questions regarding coronavirus-related economic impact payments and other resources from the IRS.gov website: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
Give your 401(k) plan a checkup at least once a year
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. If you do not currently have a retirement plan for […]
Does my working teen still qualify as a dependent on my taxes?
My teens got their first jobs this year. When do they no longer qualify as dependents? Is there an income maximum they shouldn’t exceed or else it has unpleasant tax repercussions for the parent? Whether you are the parent or the teen, landing that first job is a milestone for most families. While the younger […]
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 […]
You may be ABLE to save for a disabled family member with a tax-advantaged account
There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility […]
Thinking long-term about health care
Our medical needs don’t get any easier as we get older, so it is increasingly important that we take advantage of the options that are available. Fall is when open enrollment season begins for health insurance coverage, but retirees and aging Americans also can take advantage of open enrollment for Medicare plans. The open enrollment […]
Qualified Opportunity Fund is a worthy option for investing capital gains
The business landscape is ever evolving as many owners are selling their businesses or restaurants or retiring. The upside is these business owners are often realizing a significant return on their life’s investment. The downside is a large capital gains tax bill is looming on the horizon. There is an option that can provide a […]
If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]