Contributing to Your IRA Before Tax Day
Contributing to your IRA is one of the best ways to secure your financial future. The investment into this interest compounding, and tax-deferred or tax-free environment, comes with positive impacts on your retirement savings.
Contributing to your IRA also provides tax benefits. You can deduct them on your tax return depending on how much income you make, whether you or your spouse are...
Repealing the Widow’s Tax – What Lies Ahead for 2020
The National Defense Authorization Act (NDAA) for the fiscal year 2020 could bring change for our country’s Gold Star families and survivors of fallen veterans. If passed, it could repeal a law nicknamed the Widow’s Tax that currently, “affects more than 65,000 military families nationwide, costing each an average of about $11,000 per year,” in lost compensation.
Under current law, surviving...
Medical Tax Deductions – 2018
The deduction for qualified medical expenses has survived yet another round of tax reform. The IRS will allow a tax payer to deduct expenses that exceed 7.5% of their adjusted gross income for 2017 and 2018. Beginning in 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.
For...
The Tax Cuts and Jobs Act is Finally Here, No More Do Overs
–Our friends at Marcum, LLP recently published a detailed article on the new tax plan.–
Highlights of key provisions include the following:
Individual Provisions
The act’s final version retains the seven overall tax brackets, but tax cuts are achieved by cutting the rates themselves. The final version cuts the top rate to 37% as follows:
Filing Status
Rates
Single...