Individual Tax Articles
The Status of Temporary COVID Tax Relief Measures After the New Law
Posted by Cory Van Deusen V on January 15, 2021
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.
New Law Includes Favorable Changes for Individuals
Posted by Brian Kern on January 06, 2021
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains some beneficial changes for individuals.
If You Own Foreign Assets, Include Them in Your Estate Plan
Posted by Robert Ingrasci on January 06, 2021
Do you own real estate or other assets outside the United States? If so, it's critical to address them in your estate plan.
How to Save Taxes in 2020 and Beyond
Posted by Robert Ingrasci on October 30, 2020
This year has been full of twists and turns, but you're not done with the wild ride just yet — there's still time to make tax planning moves that could lower your federal income tax bill for 2020 and position you to save in the future.
Year-End Moves for Charitable Donations
Posted by Robert Ingrasci on October 23, 2020
Studies show that November and December are the most popular months for charitable giving. Before donating to your favorite charity, you may want to consider whether your donation will qualify for a deduction on your 2020 tax return.
Seven Expiring Tax Breaks for Individuals
Posted by Kelsey Weigel on October 08, 2020
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.
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.
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?
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.
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.