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amounts are included in your taxable income, and if you fail to take your RMD by the annual deadline, the amount not withdrawn

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

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

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

20 05, 2020

Turning Losses into Tax Gains under the CARES Act

By |2020-06-13T21:08:14-07:00May 20th, 2020|Categories: Tax News|Tags: , |0 Comments

Businesses were quick to take advantage of provisions in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provided immediate infusions of cash to cover payroll. Less attention has focused on other provisions offering tax relief to offset hits to income. One significant set of tax changes significantly loosened the rules for claiming deductions

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