Retirement Contributions Limits Announced for 2020

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increase from $19,000 to $19,500. The catch-up contribution [...]

Retirement Contributions Limits Announced for 20202019-12-28T21:52:41+00:00

Deferred Tax on Gains From Forced Sales of Livestock

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible. 1. The one-year extension gives [...]

Deferred Tax on Gains From Forced Sales of Livestock2019-12-28T21:51:58+00:00

Employer Benefits of Using the EFTPS

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations - whether they prepare and submit payroll taxes themselves or hire an outside payroll service provider to do it on their behalf. Background Many employers outsource [...]

Employer Benefits of Using the EFTPS2019-12-28T21:51:19+00:00

Take Retirement Plan Distributions by December 31

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year. The required distribution rules apply to owners of traditional, Simplified Employee Pension [...]

Take Retirement Plan Distributions by December 312019-12-28T21:50:27+00:00

Updated Rules: Deductible Business & Other Expenses

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs Act (TCJA). Also updated, are tax [...]

Updated Rules: Deductible Business & Other Expenses2019-12-28T21:49:46+00:00

Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. [...]

Tax Benefits of Health Savings Accounts2019-12-28T21:49:07+00:00

Tax Breaks for Business: Charitable Giving

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that the Organization is a Qualified Charity Once you've identified a [...]

Tax Breaks for Business: Charitable Giving2019-12-28T21:48:14+00:00

Business Tax Provisions: The Year in Review

Here's what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may [...]

Business Tax Provisions: The Year in Review2019-12-28T21:47:18+00:00

Individual Taxpayers: Recap for 2019

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For [...]

Individual Taxpayers: Recap for 20192019-12-28T21:46:17+00:00
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