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Categories for Tax and Financial News

  • 2020 Tax Brackets, Deductions, Plus More

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    đź–¨ Print⏱ 4 min readBeginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. 2020 Tax Rates and 2020 Tax Brackets Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with... View Article

  • How to Defer, Avoid Paying Capital Gains Tax on Stock Sales

    Posted Date December 1, 2019 Posted Time 12:00 am Published in

    đź–¨ Print⏱ 5 min readThe markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more than a year, then they will qualify for the more favorable long-term capital gains tax (instead of being taxed at ordinary income rates for short-term sales). But the total tax due can still be enough to warrant some tax planning. Luckily, the tax laws provide for several ways to defer or even completely avoid paying... View Article

  • Tax Changes 2019

    Posted Date November 1, 2019 Posted Time 12:00 am Published in

    đź–¨ Print⏱ 4 min readWith the start of the fourth quarter of 2019 underway, it’s time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of: 1. Removal of the Affordable Care Act’s (ACA) Individual Mandate Penalty With the passage of the Tax Cuts and Jobs Act (TCJA), filers and households who failed to carry adequate health insurance according to the ACA’s minimum coverage requirements will no longer have to pay the penalty on their 2019 taxes. This is... View Article

  • How to Get the IRS to Pre-Approve Your Taxes

    Posted Date October 1, 2019 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIt might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS private letter ruling. IRS private letter rulings provide many benefits, but they are not easy to obtain. There are costs, potential delays, and even then, you run the risk of not being granted a ruling. This dynamic might seem odd as the entire point of applying for a private letter ruling is to obtain certainty. If your position... View Article

  • IRS Releases New Projected 2019 Tax Brackets and More

    Posted Date September 8, 2019 Posted Time 12:17 am Published in

    IRS Releases New Projected 2019 Tax Rates, Brackets and More Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these are NOT the numbers that apply to the 2018 taxes you file in 2019, but to the income and activity that occurs during the 2019 tax year that starts January 1, 2019. A big part of the IRS’s consideration in formulating 2019 numbers is the inflation index. The Tax Cuts and Jobs Act (TCJA) replaced the normal Consumer Price Index with... View Article

  • The Five Key IRS Rules of Taxation for Lawsuit Settlements

    Posted Date September 1, 2019 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readComing out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they realize that they must pay taxes on the award. You can even be taxed on your attorney fees! However, a little tax planning can go a long way, especially if you do it before the settlement is finalized and the award is substantial. Below are the five key rules... View Article

  • 2017 vs. 2018 Federal Income Tax Brackets

    Posted Date February 8, 2018 Posted Time 12:16 am Published in

    Single Taxpayers 2018 Tax Rates – Standard Deduction $12,000 2017 Tax Rates – Standard Deduction $6,350 10% 0 to $9,525 10% 0 to $9,325 12% $9,525 to $38,700 15% $9,325 to $37,950 22% $38,700 to $82,500 25% $37,950 to $91,900 24% $82,500 to $157,500 28% $91,900 to $191,650 32% $157,500 to $200,000 33% $191,650 to $416,700 35% $200,000 to $500,000 35% $416,700 to $418,400 37% Over $500,000 39.60% Over $418,400   Married Filing Jointly & Surviving Spouses 2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700 10% 0 to $19,050 10% 0 to $18,650 12%... View Article

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