Year-end tax planning goes to the movies

Year-end tax planning is a bit more complex this year as many of our clients received loans through the Paycheck Protection Program. While the loan proceeds are not taxable, word is still out whether the business expenses paid for with the loan will be deductible. Therefore, we are preparing tax projections with two scenarios in […]

A nonworking spouse can still have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” […]

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 […]

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 […]

Contribution limits for 401(k) plans increasing in 2020; IRA limits remain the same

The contribution limits for employees with 401(k), 403(b) and most 457 plans will increase in 2020 from 19,000 to $19,500. The catch-up contribution limit for employees 50 and older who participate in these plans is increased from $6,000 to $6,500. The income ranges for determining eligibility to make deductible contributions to traditional IRAs and Roth […]

Mark your calendars for these key tax deadlines

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. 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. October […]

Congress mulls bill to provide tax relief after natural disasters

The spring tornado season is here, and in some places in the country, has descended with force. The months of April and May have seen more than 500 tornadoes in a 30-day period, according reports from federal government weather forecasters in The New York Times. The violent storms stretched from eastern Colorado and New Mexico […]

Roth or traditional IRA? Income level and taxes could help you decide

It’s never too early to begin planning for retirement or investing in a nest egg for the future. There are several options available for investing in retirement plans, but the two we get questions about most often are whether a traditional or a Roth IRA is the best option. Deciding which is the best vehicle […]

Clear these hurdles to benefit from deducting investment interest expense

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you […]

Could ‘bunching’ medical expenses into 2018 save you tax?

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]