Outstanding student loan debt is estimated to be $1.7 trillion. Many borrowers struggle to repay their debt. There are various repayment programs to help restructure loan in order to ease the burden. ...
Business
As wages pick up and the Federal Reserve tapers down (it buys fewer Treasuries), the rate of inflation has climbed to levels not seen in many years. The consumer price index was up 5.4% for the 12 mon...
In most cases, you have three years in which to submit an amended return to claim a refund of overpaid taxes. But there are situations in which you can recoup taxes paid without submitting an amended ...
The Consolidated Appropriations Act, 2021, made changes late in 2020 that mainly affect 2021 and later years. Some changes may impact your 2020 return; others apply for 2021 and later years. Taken as ...
The deadline for filing your 2020 federal income tax return is April 15, 2021, but it’s not too soon to recognize what payments you received in 2020 that have to be included in gross income. As a ge...
It has long been solid general tax advice to defer income so that it becomes taxed in a future year. However, 2020 is a year like no other and standard tax advice does not apply to all individuals. If...
It may seem that 2021 is a long time from now, but decision-making on your health care coverage for the coming year must be done soon. Know the time frame for making choices and what those choices are...
As a result of the pandemic, Congress has created a number of payments and programs for individuals to help them financially. If you’ve received one or more of these payments or benefited from one o...
Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...
The worldwide pandemic—Covid-19—has changed everything…taxes included. Congress has enacted a new law (Families First Coronavirus Response Act, H.R. 6201, or “the Act”), to provide economic ...
The SECURE Act made some major changes in retirement plans and IRAs. It also has left many unanswered tax questions. There continues to be many that still lack clarity because the IRS has not addresse...
The Further Consolidated Appropriations Act, 2020 (P.L. 116-94) retroactively reinstated dozens of expired tax breaks. Some of these breaks are for individuals, while others are for businesses. Determ...
As part of a massive year-end domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865), numerous changes were made to retirement plans and IRAs. These changes we...
The year is winding down but there’s still time to take certain actions that can lower your tax bill for 2019. Here are 10 things you can still do: 1. Review withholding and estimated taxes I...
Fall is the time of year to choose the employee benefits you want for the following year from the options provided to you by your employer. In making your choices for 2020, understand what these optio...
Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...
The qualified business income (QBI) deduction allows a subtraction from your taxable income up to 20% of what amounts to your business profits (there are some modifications to this) if you are an owne...
You may be thinking of buying or leasing a new vehicle for 2019. Or you may drive your new or existing car or truck for business or other purposes. Here are 5 things to know about the tax rules that a...
As 2018 draws to a close, consider taking certain actions to favorably impact your tax bill for the year. Here are 10 things you can still do: 1. Review withholding and estimated taxes If ...
The Tax Cuts and Jobs Act (TCJA) made numerous changes in tax law. Many of the changes will show up on your 2018 return, which won’t be filed until 2019. But don’t wait to take action now that can...
