Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than one charity, but the total amount of contributions must be $300 or less to be able to take an above-the-line deduction.
– September 7 – Labor Day – September 15 – Filing deadline for 2019 calendar-year S corporation and partnership tax returns on extension – September 15 – 3rd quarter installment of 2020 estimated income tax is due for individuals, calendar-year corporations and calendar-year trusts & estates
A Holistic Approach to Your Affairs For many people, especially those approaching middle- or retirement-age, know they should put together a plan for their estate, but feel overwhelmed by the details and options. They continue to put off estate planning for “another day” until, often, it is too late. Younger people also should consider their affairs, because there is no time like the present and because tomorrow is never guaranteed. In fact, putting together a comprehensive
You can maximize the return on your real estate investments by knowing the rules for writing them off on your taxes. Taxes on rental income Rental income is taxable as income on your ordinary income tax return, but is not subject to FICA tax. Income on your rental property includes anything paid to you as rent or royalty, minus any deductible expenses, which include mortgage interest and basic repairs to bring the property to a minimally
Cash security deposits, on top of high rents in most cities, make it difficult for many people to find affordable places to live. State and city lawmakers are working to eliminate the requirement that renters pay the deposits, which can be as much as one to two months’ rent, up front. The bills would require that landlords accept installment payments over time or insurance that would protect against damages to the rental. Legislators say many people
The year 2019 was the best year for mortgages since the crisis in 2006, the Wall Street Journal reported. The lending boom amounted to $2.4 trillion in home loans, an increase of 46 percent since 2018, according to industry research group Inside Mortgage Finance. The trend is expected to continue this year. According to the Mortgage Bankers Association, refinancings made up nearly 40 percent of mortgage originations in 2019. Lending, fueled by cuts in interest rates,
The IRS recently clarified the terms under which rental real estate owners can qualify for a new tax break under section 199A of the Internal Revenue Code. The section provides a tax deduction of up to 20 percent of an entity’s qualified business income, or QBI, for many owners of pass-through entities, including sole proprietorships, partnerships and S corporations. (QBI is defined as the net amount of qualified items of income, gain, deduction and loss from
Confusing a wellness visit with a physical could be very costly. As part of the Affordable Care Act, Medicare beneficiaries receive a free annual wellness visit. At this visit, your doctor, nurse practitioner or physician assistant will generally: ask you to fill out a health risk assessment questionnaire; update your medical history and current prescriptions; measure your height, weight, blood pressure and body mass index; provide personalized health advice; create a screening schedule for the next 5
In addition to making things easier for your family during a difficult time, prepaid funeral plans can also be a good way to spend down money in order to qualify for Medicaid. But the plans come with risks. Consumers lose millions of dollars every year when prepaid funeral funds are misspent or misappropriated. A funeral provider could mishandle, mismanage or embezzle the funds. Some go out of business before the need for the prepaid funeral arises. Others
When creating an estate plan, the main decision is how your assets will be distributed after you pass away. The terms “per stirpes” and “per capita” become important when your descendants include children and grandchildren. In a will, these terms are often written as “I leave my [fill in the blank] to my descendants, per stirpes (or per capita).” Per stirpes Distributing your assets per stirpes (sometimes called “by right of representation”) means that your assets
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