SECURE ACT AND MINIMUM DISTRIBUTIONS

Secure Act and minimum distributions. When the Covid pandemic hit, thousands of Americans took money out of retirement accounts to get by and to help children and granchildren get by. In response, the Congress passed an act, and the IRS put it into the Revenue Code, giving Americans better ability to save more for retirement. […]

2023 LOW INCOME TAXPAYER CLINIC APPLICATIONS

2023 low income taxpayer clinic applications. The IRS announced that the application period for Low Income Taxpayer Clinic matching grants for calendar year 2023 will open on or around May 3rd, 2022. The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin Collins. The Taxpayer […]

PENSION PLANS AS A TAX DODGE

Pension plans as a tax dodge. Pensions as a tax dodge are making a comeback with wealthy business owners. That’s an area where traditional pension plan’s are getting new life. Pensions, also known as defined benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of thousands of dollars in […]

BIDENS TAX PLAN FOR RICH TAXPAYERS

Bidens tax plan for rich taxpayers. An analysis by the Tax Policy Center found that the bottom 80% of taxpayers would see tax cuts on average, mainly due to a package of tax credits and deductions aimed at the middle class. Those in the top 1%, who earn more than $788,000, would see an average […]

COMMON TAX MYTHS THAT HURT

Common tax myths that hurt. With tax season officially open, although it has been delayed due to the virus outbreak, taxpayers may test a familiar sense of anxiety. In fact, about one in three taxpayers told Credit Karma Tax in a recent survey they typically get anxious about prepping their taxes. Tax anxieties are higher […]

TAXATION PUTS SOCIAL SECURITY IN A MESS

Taxation puts social security in a mess, There’s little argument that Social Security is a financial pillar for most seniors. Each month, more than 43 million retired workers receive a benefit check, with more than 60% of these retirees leaning on the program to account for at least half of their income. There’s also little […]

IS YOU HOBBY REALLY A BUSINESS ?

Is your hobby really a business ?  This determination is crucial if you want to be able to write off certain expenses, or whether the income is actually a business. The Tax Cuts and Jobs Act has eliminated the deduction for expenses for a hobby with the change to the Schedule A. This has made […]

HURRICANE FLORENCE VICTIMS TAX DEADLINE

Hurricane florence victims tax deadline. It was extended by the IRS. IRS announcement IR-2018-187 extends the deadline for victims of Hurricane Florence. The IRS said it was extending the tax filing and payment deadlines for taxpayers and businesses in multiple North Carolina Counties that were hardest hit by Hurricane Florence and that have been designated […]

NEW YORKERS FLEEING HIGH TAXES

New Yorkers fleeing high taxes. Among the wealthy tri-state area set, there’s more buzz than ever about fleeing south to Florida, land of mild winters and, more importantly after last year’s federal tax overhaul, zero state personal income tax. Actual action ? Pretty scarce. The idea of New Yorkers fleeing high taxes after the Trump […]