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amounts are included in your taxable income, and if you fail to take your RMD by the annual deadline, the amount not withdrawn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
Since health savings accounts (HSAs) were introduced in 2004 as part of the Medicare Prescription Drug, Improvement and Modernization Act, they have surged in popularity as a flexible way for numerous Americans to reduce taxable income and save for future medical expenses. But since the IRS establishes new rules governing HSAs each year, it’s important
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