Category Archives: Tax Preparation

Tax Extenders, Retirement Plan Changes, and Repeals

tax changesThe Further Consolidated Appropriations Act of 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Continue reading

Tax Filing Season Has Begun

tax seasonJanuary 27, 2020 marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Continue reading

Tax Breaks for Taxpayers Who Itemize

deductionsMany taxpayers opt for the standard deduction because it’s easier, but sometimes itemizing your deductions is the better choice–often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind: Continue reading

Year-End Tax Planning for Individuals

year-end tax planningWith the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for next year. Continue reading