December 2019 Newsletter

Checklist to Cut Your 2019 Taxes

It's not too late to cut your 2019 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. If you’re self-employed, consider setting up a Solo 401(k) by 12/31. Take a look at your withholdings and instruct your employer to withhold additional… Continue reading Checklist to Cut Your 2019 Taxes

December 2019 Newsletter

New SSN Scam

Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as “robocall” voicemails, requesting people to call back. The scammers may mention overdue taxes. If you receive a call threatening to suspend your SSN… Continue reading New SSN Scam

December 2019 Newsletter

IRS Gets Serious About Cryptocurrency

Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a box if they engaged in any virtual currency transactions during the year. The… Continue reading IRS Gets Serious About Cryptocurrency

December 2019 Newsletter

Benefits of small business owners of hiring family members Part II:

Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll.  There are several tax benefits and opportunities for income shifting within the family when children become employees of your small business. Under the recently passed Tax… Continue reading Benefits of small business owners of hiring family members Part II:

December 2019 Newsletter

IRS Announces Higher Retirement Plan Limits for 2020

Most working professionals have access to a 401(k) plan or a 403(b) plan at work.  Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred.  You can contribute up to $19,500 into a 401(k) or 403(b) plan through salary deferrals in 2020. Anyone 50 or older by December 31, 2020… Continue reading IRS Announces Higher Retirement Plan Limits for 2020

December 2019 Newsletter

Review of the 2019 Rules for Itemizing Your Deductions

Medical Expenses For 2019, medical expenses are deductible to the extent they exceed 10% of your Adjusted Gross income (AGI). The IRS also allows a deduction of 20 cents/medical miles driven so don’t forget to track your medical mileage. Planning Opportunity:  Check out IRS Publication 502, Medical and Dental Expenses.  If your allowable medical expenses… Continue reading Review of the 2019 Rules for Itemizing Your Deductions