On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of …
Tax Central
Tax Changes For 2020
A new year means a whole new set of tax laws to follow. Thankfully, many of these tax changes for 2020 can put more money in your pocket. The following article shares the most important tax changes for 2020 so you can make the best choices over the course of the year. This list details …
Congress Allowing Higher Medical Deductions For 2019 and 2020
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020. The Act included a number of tax law changes, including allowing higher medical deductions for 2019 and 2020. In addition, the Appropriations Act of 2020 includes: extending certain tax provisions that expired after 2017, or were about to expire; retirement and …
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Do I Have To File A Tax Return?
Do I have to file is a question many taxpayers ask during this time of year. But the question is more complicated than you’d think. To fully understand, consider that there are times when individuals are REQUIRED to file a tax return. And then there are times when it is to the individuals’ BENEFIT to file a return – …
Scammers Are Clever, Don’t Be Duped.
You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right…! But we do it because having your identity stolen becomes a financial nightmare, sometimes taking years to straighten out. Identity thieves, aka scammers, are clever and relentless. They are always coming up with new …
Congress Passes Last Minute Tax Changes
Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020. In addition, they’ve passed extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is long, so we included only …
Understanding Tax Lingo – A Primer For Beginners
Understanding tax lingo certainly helps when discussing taxes, reading tax related articles or interpreting instructions on your tax return. To fully grasp the meaning of what is being said, it helps to know what the basic acronyms and words being used by tax professionals are. It can be difficult to understand tax strategies if you …
Understanding Your Annual Social Security Benefits Letter
Increased Social Security Benefits If you are receiving Social Security, then you have just recently received your annual Social Security benefits letter from the Social Security Administration. This letter was to inform you that your Social Security benefits for 2020 have increased by 1.6 percent as a result of a rise in the cost of …
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Helpful Tax Tips For 2019
As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted on before the end the of the year to be useful for 2019. Tips to reduce taxes this year Education Credit Since the American Opportunity credit for higher …
