Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most provisions in this new legislation went into effect on January 1, 2020. Following is a summary of ten key changes. Stretch IRAs: Generally, the new law favors taxpayers, but it [...]
Photo Credit: Forbes Magazine Recently, 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 for 2020. JamisonMoneyFarmer PC is proud to be listed as one of the 227 firms throughout the country on either list, [...]
Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on a donation, check to see if you are giving away the securities that are best for your tax situation. It can make a big tax difference to itemizers. The conventional wisdom is to donate low-basis stock [...]
Even if a company is small, the employees may enjoy the benefits of participating in a 401(k) plan. This is one of the most popular retirement plans around—if not THE most popular—and a proven way to save money for your golden years. Just consider these attractive features. Tax deferrals: You pay no current tax on [...]
As part of an appropriations measure, Congress passed a flurry of new tax legislation at the end of 2019. These new rules may have an impact on 2019 tax returns to be filed in 2020. Notably, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” extends through 2020 several tax breaks for individuals [...]
The IRS has announced new tax relief for expatriates who meet certain requirements (IR-2019-151, 9/6/19). This relief only applies to individuals who have not filed federal tax returns as U.S. citizens or residents, owe a limited amount of back taxes and have net assets of less than $2 million. Also, past compliance failures must have [...]
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 [...]
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 [...]
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 [...]
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 [...]