Individual Tax

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2019 Year-End Tax Planning Letter

By |2019-11-26T20:41:34+00:00November 26th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]

Six 2019 Year-End Tax Moves for Individuals

By |2019-11-14T19:52:40+00:00November 14th, 2019|Individual Tax, News & Events|

The Tax Cuts and Jobs Act (TCJA) of 2017—passed almost two years ago—continues to have a significant impact on year-end planning in 2019. Many of the changes in the TCJA for individuals are effective for 2018 through 2025. Accordingly, consider these six strategies for reducing your personal tax bill this year. Manage securities transactions. Depending [...]

2020 Retirement Plan Limits Announced

By |2019-11-11T20:57:20+00:00November 11th, 2019|Individual Tax, News & Events, Pension Admin & Consulting|

The retirement plan limits for 2020 have been released.  The 401(k) and SIMPLE IRA deferral limits increased, along with the catch-up contributions for 401(k), maximum plan compensation, the annual addition limit and the taxable wage base. Other limits, such as the contribution limit for personal IRAs, catch-up contributions for both SIMPLE IRAs and personal [...]

Explaining Required Minimum Distributions aka RMDs

By |2019-11-04T20:26:45+00:00November 4th, 2019|Individual Tax, News & Events, Pension Admin & Consulting|

We get asked a lot of questions about IRAs, and their required minimum distributions or RMDs.  So Mindy Norton with our JMF Pension Consulting group provided the following synopsis to help explain. As an individual, you are required to begin taking minimum distributions from your traditional IRA in the year in which you turn [...]

New Law Aims to Put Taxpayers First

By |2019-09-23T17:20:06+00:00September 23rd, 2019|Individual Tax, News & Events|

Congress passed the “Taxpayer First Act” in late June. This new groundbreaking legislation creates an independent office of appeals within the IRS, modernizes IRS operations and improves cyber security measures. The new law also expands safeguards addressing ID theft of taxpayers. But this is likely not the end of the story. Most experts believe [...]

Tip to Increase Qualified Business Income (QBI) Deduction

By |2019-10-16T19:52:30+00:00September 23rd, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

Recently released IRS form 8995 instructions indicate that taxpayers filing business returns must reduce qualified business income by charitable deductions.  A reduction in qualified business income reduces the potential qualified business income deduction.  Although this provision is not in the Section 199A regulations, the reduction in qualified business income can be avoided by making [...]

Three Safe Harbors for Business Repairs

By |2019-09-04T20:17:04+00:00August 24th, 2019|Corporate & Partnership Tax, Individual Tax, Manufacturing, News & Events|

Do you need to make repairs to your business premises or equipment? It can make a big tax difference if the work is characterized as a “repair” or an “improvement.” In brief, a repair is currently deductible by your business, while the cost of an improvement must be written off over time. The IRS and [...]

2019 Midyear Tax Planning Letter

By |2019-07-05T13:42:02+00:00July 2nd, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

Dear Clients and Friends (and Blog Readers!): With the first tax season under the Tax Cuts and Jobs Act (TCJA) behind us, we have a better understanding of the practical applications on the tax law changes. As expected, the law changes had a profound impact on many taxpayers and created new planning opportunities. There [...]