Individual and Family Wealth Articles
Posted by D’Marie Murray on January 22, 2020
Since the Tax Cuts and Jobs Act went into effect, owners of sole proprietorships and pass-through entities have been allowed to deduct up to 20% of their qualified business income. However, the benefits associated with Section 199A of the tax code may be reduced or eliminated if an owner's taxable income exceeds certain thresholds.
Posted by Cheryl A. Jankowski on January 20, 2020
On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Here are some changes that are most likely to affect individuals, including some that aren't related to retirement savings.
Posted by Bryan Staniszewski on January 17, 2020
The SECURE Act is landmark legislation that affects the rules for creating and maintaining workplace retirement plans for all employers (including for-profit and tax-exempt employers of all sizes). Whether you currently offer your employees a retirement plan (or are planning to do so), you should consider how these new rules may affect your current retirement plan (or your decision to create a new one).
Posted by Cheryl A. Jankowski on January 16, 2020
The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals.
Posted by Angela Miles on January 16, 2020
A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals.
Posted by Michē Needham on January 14, 2020
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone.
Posted by Cory Van Deusen V on January 14, 2020
Under current tax law, the federal income tax rate for C corporations is a flat 21%. In this favorable — but uncertain — tax environment, it could be advantageous for shareholders of profitable C corporations to arrange to pay corporate dividends to themselves.
Posted by Bryan Staniszewski on January 13, 2020
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans.
Posted by Mark Janulewicz on January 10, 2020
This week, the Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.