Taxes

Tax Credits – 2020

The IRS released the inflation adjusted tax credits for 2020. See if you may qualify. Earned Income Tax Credit – This is a refundable tax credit for those with earned income that meet the eligibility requirements. The maximum Earned Income Credit for 2020 is $6,660 for qualifying taxpayers who have three or more qualifying children, […]

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2020 Retirement Savings Accounts

Are you dreaming about your retirement? It is important to save for your golden years so your golden years are golden. The IRS has increased contribution limits for various retirement savings accounts for 2020. Here are some key figures: 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan The 2020 contribution limit […]

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Key Social Security Figures – 2020

The Social Security Administration released key figures for 2020. Social Security and Supplemental Security Income Benefits – Social Security and Supplemental Security Income recipients should see an increase in their benefits for 2020.  Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020.  The 1.6 percent […]

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New Simplified 1040-SR for Seniors

The IRS has released a draft of Form 2019 1040-SR.  This is a U.S. tax return for seniors (individuals age 65 or older).  This is a simplified form (similar to the former 1040-EZ, but will be for seniors only). However, unlike the 1040-EZ, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements […]

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Is Summer Camp Deductible?

Summer Camp May Qualify for the Child and Dependent Care Credit Has your child attended day camp this summer?  If so, you may qualify for the Child and Dependent Care Credit. Following are some requirements to qualify: the child is under the age of 13 at the time of the camp  – or –  the child can […]

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IRS Sending Letters to Virtual Currency Owners

Have you received income from virtual currency transactions?  If so, this income must be reported on your tax return.  The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should […]

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Healthcare.gov Health Insurance

Tax Tip: Open Enrollment to get health insurance through Healthcare.gov for 2019 is only from November 1, 2018 through December 15, 2018. If you want insurance for 2019 and don’t enroll during these dates then you need a qualifying life event to obtain insurance outside those dates.   FYI: for 2018 there was still a […]

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View Your Income Tax Liability Account

Do you owe federal income tax from prior years and would like to see your current balance?  You can view your account information through this IRS tool. If you’re an individual taxpayer, you can use this tool to view: Your payoff amount, updated for the current calendar day The balance for each tax year for which […]

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