Year-End Tax Planning

2021 Tax Deductions for charitable contributions

You need to know these facts about charitable deductions in 2021

Last year, being 2020, Congress passed many laws related to the coronavirus and COVID-19. One of them included a deduction from charitable contributions for everyone who doesn’t itemize their tax deductions on Form 1040. The amount was limited to $300 per return, so a taxpayer filing as a single individual got the same deduction as […]

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2020 Year End Tax Planning – $300 Charitable Contribution Deductions

Back in 2017, Congress passed the Tax Cuts & Jobs Act. Part of this Act doubled the standardized deduction. Since then, many people who used to itemize their deductions are now opting to take the Standard Deduction instead of itemizing their deduction. One draw back is that charitable contributions are included in the itemized deductions.

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2020 Year End Tax Planning – Kiddie Tax Update

The Kiddie Tax is back for tax years beginning after December 31, 2019. That means it will apply to your (or your kid’s) 2020 tax return. So what happened is the SECURE Act reinstated the Kiddie Tax that had previously been suspended by the Tax Cuts and Jobs Act (TJCA) that was passed in 2017.

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How to use Year-End Tax Planning to avoid surprises & help reduce your taxes

OK, we’re past the main 2019 tax return deadlines for individuals and businesses, so you might be thinking there’s no need to think about taxes until next March or April. Actually, the next two months give you a great opportunity to think about 2020 taxes to avoid surprises next year. Taking some time to review

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IRS increases retirement savings contribution limits for 2020

Every year the IRS releases inflation adjustments to amounts used in tax policy. One of these adjustments is the amount that can be contributed to retirement savings accounts. Here is your comparison of contribution amounts to your retirement accounts for 2019 and 2020. For more details on these saving accounts and amounts, visit the IRS

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