Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate.
In the News
With both major political party conventions behind us, it's time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms.
If your company has a qualified retirement plan or you have set one up in self employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their accounts. (This option is not available for traditional IRAs, Roth IRAs, SEPs, or SIMPLE-IRAs.)
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit.
If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax consequences, especially if you're under 59½.
During the COVID-19 public health emergency, the use of telehealth services has skyrocketed, especially among at-risk seniors and patients located in rural areas with limited access to health care. In recent months, telemedicine has proven to be an effective and cost-efficient way to deliver care to patients — and government officials have taken notice.
Thursday, August 20, 2020
Word is spreading about the IRS and its significant backlog processing mailed-in tax payments. Accountants or their clients may have received a late-payment notice despite having mailed a check in on time. These notices were computer generated and went out to taxpayers based on whether their payment was processed.
The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Accordingly, here are six ways your home can provide tax shelter.
Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal residence.
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family's overall tax bill. These so-called "kiddie tax" rules have gone through several changes in recent years. Here's the latest.