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Individual Tax Articles

 

2020 Tax Planning Paradox – Accelerate Income to Lower Your Total Tax Liability

2020 Tax Planning Paradox – Accelerate Income to Lower Your Total Tax Liability

Posted by Robert Ingrasci on August 25, 2020

As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, we need to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize one’s total tax liability over the years. Accelerating income in 2020 has several advantages.

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Tax Considerations for Principal Residence Foreclosures Today

Tax Considerations for Principal Residence Foreclosures Today

Posted by Kevin Smeader on August 12, 2020

Financial stress could cause homeowners to fall behind on mortgage payments. At some point, lenders may decide to foreclose on the properties. What are the federal income tax consequences of a home mortgage foreclosure?

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Back to the Future: Prior-Law Kiddie Tax Rates Retroactively Reinstated  

Back to the Future: Prior-Law Kiddie Tax Rates Retroactively Reinstated  

Posted by Christopher Lukowski on August 12, 2020

The Tax Cuts and Jobs Act (TCJA) made an unfavorable change to the kiddie tax rules, starting in 2018, but that change was retroactively reversed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which passed in late 2019. 

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How to Avoid Penalties on Early Retirement Account Withdrawals

How to Avoid Penalties on Early Retirement Account Withdrawals

Posted by D’Marie Murray on August 10, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes

Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes

Posted by Kevin Smeader on July 13, 2020

Thanks to the Internet and mobile technology, many people engage in unincorporated sideline activities outside their regular day jobs. This trend has accelerated during the pandemic, as under-employed people seek alternative ways to generate income.

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COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

Posted by Cheryl A. Jankowski on June 26, 2020

Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.

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Make a Lasting Charitable Gift with a CRT

Make a Lasting Charitable Gift with a CRT

Posted by Cheryl A. Jankowski on May 05, 2020

The COVID-19 pandemic may have you thinking about how you can help those whose health and financial security has been imperiled by the virus. With a charitable remainder trust (CRT) you may be able to support a favorite nonprofit and also enjoy lifetime income and current tax benefits. Learn more about how CRT might fit into your estate plan.

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COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

Posted by Cheryl A. Jankowski on April 23, 2020

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis.

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New Law Retroactively Fixes QIP Drafting Mistake

New Law Retroactively Fixes QIP Drafting Mistake

Posted by Brian Kern on April 15, 2020

At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act, which was signed into law on March 27, 2020. The correction retroactively allows real property owners to depreciate QIP faster than before. Here's how it could lower your tax bill for 2018 and beyond.

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Individuals: What You Need to Know About the CARES Act

Individuals: What You Need to Know About the CARES Act

Posted by Cheryl A. Jankowski on April 14, 2020

On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed in March and setting off a firestorm of administrative relief by several federal agencies including the IRS and Department of Labor.

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