The massive law enacted by Congress last year in response to the COVID-19 outbreak—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—authorized the distribution of Economic Impact Payments (EIPs) to qualified individuals. (Late in December, Congress authorized another round of payments.) But some eligible taxpayers were shorted or did not receive any payment at all. [...]
Are you planning to sell securities at the end of the year to “harvest” a long-term capital gain? Generally, the maximum tax rate on long-term capital gains is 15% (20% for certain upper-income taxpayers). To qualify as long-term gain, you must have owned the securities for more than one year. For these purposes, the controlling [...]
On Monday, December 21, Congress passed the Consolidated Appropriations Act, 2021, which is expected to be signed by President Trump in the next several days. This Act provides various forms of COVID-19 related relief, among which are modifications to the Paycheck Protection Program (PPP) loan program, as well as a second round of PPP [...]
Photo Credit: Forbes Magazine For the second year in a row, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States. JMF was on the initial list as well, which was published last year. JamisonMoneyFarmer PC is proud to be [...]
2020 Year-End Tax Letter YEAR END TAX PLANNING LETTER IN PDF Dear Clients and Friends: This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is [...]
Do you have a child attending college this fall? Whether the school has remote learning or classroom instruction—or a hybrid—you may be entitled to various tax breaks on the 2020 return you will file in 2021. Here are four of the tax benefits on the books. American Opportunity Tax Credit: This credit, which has expired [...]
The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]
The new Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two key provisions providing relief to taxpayers with student loan debt. One provision applies to Direct Loans, Perkins Loans and Federal Family Education Loan (FFEL) obligations owned by the U.S. Department of Education; the other expands the benefits of a fringe benefit plan for employees. [...]
Despite recent tax law changes, there still is no place like home from a tax perspective. Following are five key tax breaks associated with home ownership. Sale of principal residence: As long as you meet certain requirements, you can exclude from federal income tax up to $250,000 of gain for single filers and $500,000 for [...]
We hope by now you probably know that the CARES Act, passed in March, enables taxpayers with a required minimum distribution (RMD) due in 2020 to skip the payment this year. But did you know that you can roll your funds back into your retirement account if you have already taken your RMD this year? You [...]