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
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amounts are included in your taxable income, and if you fail to take your RMD by the annual deadline, the amount not withdrawn
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
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
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
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
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
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
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
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