The deadline to pay your tax bill is officially moved from the April 15th tax deadline to July 15th, per U.S. Treasury Secretary Steven Mnuchin. This announcement was made on Tuesday, March 17, 2020 during a press conference at the White House and confirmed by...
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Are you one of the now 33% of Americans who work as either an independent contractor or freelancer? If you answer yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts...
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Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds...
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No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will...
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Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach 70 ½, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts...
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Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying...
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If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded: Section 179 The annual amount of qualified assets that may be expensed...
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Inheriting a retirement account like a 401(k) or an IRA is more complicated tax-wise than if you’d been left a house or a set of golf clubs. Here’s a tip on how to use a “stretch out” to avoid being hit with a big tax...
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