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23 10, 2020

Updating the Biden and Trump Tax Plans

By |2020-11-13T19:33:02-07:00October 23rd, 2020|Categories: Financial Guides, Tax News, Tax Planning|Tags: , , , , |0 Comments

Now that the presidential election is just days away, what do we know about the leading candidates’ current tax plans? The top line takeaway is that former Vice President Joe Biden has pledged not to raise taxes on anyone earning less than $400,000, while President Trump has floated more tax cuts with few specifics. Trump’s

9 10, 2020

Required Minimum Distributions (RMDs) are Waived in 2020—Should You Still Take Them?

By |2020-10-19T08:17:44-07:00October 9th, 2020|Categories: IRAs, Retirement Planning, Tax News|Tags: , , , , , , , , |0 Comments

If you are age 72 or older, you generally must take required minimum distributions (RMDs) from your traditional IRA or employer-sponsored retirement plan, such as a 401(k) or 403(b), each year. These amounts are included in your taxable income, and if you fail to take your RMD by the annual deadline, the amount not withdrawn

30 09, 2020

Low Treasury Rates Fuel Economic Stimulus

By |2020-10-02T06:51:58-07:00September 30th, 2020|Categories: Tax News|Tags: |0 Comments

Yields on U.S. Treasury bonds fell to historic lows in March 2020 and remain low as the Federal Reserve and markets respond to the economically devastating pandemic. These low bond yields can help boost a recovery in several ways. Treasury bonds are basically loans to the U.S. government, to be paid back to the investor

23 09, 2020

The Details of the New Payroll Tax Deferral Stimulus

By |2020-10-02T06:58:57-07:00September 23rd, 2020|Categories: Tax News|Tags: , |0 Comments

Back in late March, as much of normal life closed down, businesses got a boost in the form of an immediate tax break. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, employers were allowed to defer their share of payroll taxes for the rest of 2020. Employees making less than $4,000 every two

12 08, 2020

Section 179 Rules in 2020

By |2020-08-12T01:24:58-07:00August 12th, 2020|Categories: Tax News, Tax Planning|Tags: , , |0 Comments

In 2020, businesses are looking for breaks, and small businesses in particular need all the help they can get. Fortunately, they may receive a little extra boost in the form of increased Section 179 deductions and 100% bonus depreciation on equipment purchases.  Typically, businesses can deduct the full cost of supplies but must take depreciation

7 08, 2020

Comparing the Biden vs. Trump Tax Plans

By |2020-08-12T01:00:28-07:00August 7th, 2020|Categories: Tax News|Tags: , |0 Comments

Forward-thinking tax planners and informed voters who want to compare the tax plans of the 2020 presidential candidates will find details hard to come by. Neither Former Vice President Joe Biden nor President Donald J. Trump offers a specific tax plan on their campaign site—so with the help of nonpartisan tax policy centers, we’ve done

30 06, 2020

How IRA Contributions May Affect Qualified Charitable Distributions (QCDs) after the SECURE Act

By |2020-06-30T09:18:13-07:00June 30th, 2020|Categories: IRAs, Tax News|Tags: , , , , |0 Comments

For traditional IRA owners aged 70.5 or older, making qualified charitable distributions (QCDs) from their accounts offers a way to donate to a charity of their choice while reducing taxable income. However, among its many other changes to retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act included provisions that have made

29 05, 2020

The CARES Act’s Employee Retention Credit Offers Tax Relief for Businesses Impacted by COVID-19

By |2020-06-13T20:47:02-07:00May 29th, 2020|Categories: Tax News|Tags: , , |0 Comments

As the coronavirus crisis forced numerous businesses across the country to halt or reduce their operations, the federal government enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act in an effort to mitigate economic harm for individuals and businesses alike. Offering approximately $2 trillion in stimulus funding and tax relief, the CARES Act is

26 05, 2020

Additional Changes to Retirement Plans under the SECURE ACT

By |2020-06-13T20:53:50-07:00May 26th, 2020|Categories: IRAs, Retirement Planning, Tax News|Tags: , , , , |0 Comments

Enacted with the goal of making it easier for American workers to save for retirement, the SECURE Act—which stands for Setting Every Community Up for Retirement Enhancement—implemented several sweeping changes to retirement plans when it became law on January 1, 2020. From expanding the tax credits available to businesses that offer retirement plans to enhancing

22 05, 2020

CARES Act Retirement Plan Changes Offer Financial Relief

By |2020-06-13T21:03:07-07:00May 22nd, 2020|Categories: IRAs, Retirement Planning, Tax News|Tags: , , , , , |0 Comments

Whether you are retired or are some years away from that stage of life, the Coronavirus Aid, Relief and Economic Security Act (CARES) made changes to retirement plan rules that may help ease financial difficulties in this downturn. The CARES Act expands options for taking distributions from retirement accounts and limits the tax impact of

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