One of the most interesting wrinkles of the Tax Cuts and Jobs Act, passed last December, was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination process completed in June 2018, 8,761 communities in all 50 states, the… Continue reading A New Opportunity to Defer (and Possibly Wipe Out) Capital Gains Tax
Category: 2018 Year End Newsletter
Buying and Selling Mutual Funds at Year End – Be aware of Year-End Distributions
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to distribute the income earned within the fund… Continue reading Buying and Selling Mutual Funds at Year End – Be aware of Year-End Distributions
Checklist to Cut Your 2018 Taxes
It's not too late to cut your 2018 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut Your 2018 Taxes
New Rules for Small Business Energy Exemption
As of January 1, 2019, the process for claiming a small business energy exemption will be changing. For 2019 and later years, small businesses will apply online for an exemption certificate rather than submitting Form ST-13 to their energy provider. The certificate will be effective for two years, rather than one year as it had… Continue reading New Rules for Small Business Energy Exemption
Buying and Selling Mutual Funds at Year End – Be aware of Year-End Distributions
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to distribute the income earned within the fund… Continue reading Buying and Selling Mutual Funds at Year End – Be aware of Year-End Distributions
It’s Open Enrollment Season. Time to Take a Good Look at HSAs
To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance in place are allowed to contribute to an H.S.A. You can ask your health insurance provider if the… Continue reading It’s Open Enrollment Season. Time to Take a Good Look at HSAs
Social Security Max Increases to $132,900 for 2019
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social Security taxes that your employer will… Continue reading Social Security Max Increases to $132,900 for 2019
IRS Announces Higher Retirement Plan Limits for 2019
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2019
Review of the 2018 Rules for Itemizing Your Deductions
Earlier this year, the IRS released a draft of the 2018 Schedule A, Itemized Deductions form. Let's review the rules for itemizing your deductions for 2018: Medical Expenses For 2018, and only for 2018, medical expenses are deductible to the extent they exceed 7.5% of your Adjusted Gross income (AGI). Staring 1/1/19, the threshold reverts… Continue reading Review of the 2018 Rules for Itemizing Your Deductions
The IRS Has An App For That!
FROM IRS NEWS – https://www.irs.gov/newsroom/irs2goapp RS2Go is the official mobile app of the IRS Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! IRS2Go is available in both English and Spanish. You can download IRS2Go for your mobile device by visiting: IRS2Go offers many… Continue reading The IRS Has An App For That!