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Individual Tax Articles

 

Last-Minute Tips for Your 2020 Personal Return

Last-Minute Tips for Your 2020 Personal Return

Posted by Connie Ricotta on February 18, 2021

The good news is that 2020 is behind us. The bad news is that you must soon pay Uncle Sam for taxes owed for 2020. Here are a few ideas to help lower your tax bill for last year, including making tax-deductible contributions to your IRA or HSA, COVID-19-related tax breaks for certain small business owners … and more.

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5 Valuable Tax Credits for 2020 Individual Returns

5 Valuable Tax Credits for 2020 Individual Returns

Posted by on February 10, 2021

Tax filing season is fast approaching. The deadline to file (or extend) your return is April 15. Before you file your federal income tax return, however, it's important to review the tax breaks that are available under current tax law.

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Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Posted by Brian Kern on February 05, 2021

Now that President Biden has taken office and Democrats have a slim majority in the House and Senate, many are eagerly awaiting details on any new significant tax legislation the administration will aim to pass.

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Important Tax Figures for 2021

Important Tax Figures for 2021

Posted by Angela Miles on February 01, 2021

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2021, compared with 2020, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts, and more.

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The Status of Temporary COVID Tax Relief Measures After the New Law

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.

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New Law Includes Favorable Changes for Individuals

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.

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If You Own Foreign Assets, Include Them in Your Estate Plan

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.

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How to Save Taxes in 2020 and Beyond

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. 

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Year-End Moves for Charitable Donations

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.

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Seven Expiring Tax Breaks for Individuals

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.

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