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The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning.   Here are eight important reminders about this new law:   You can’t use contributions made in 2020 but applied to 2019 for any SECURE Act provisions that apply to...

With incentive stock options (ISOs), you could be on your way to a very nice payout.   But you must consider both the regular federal income tax results and the alternative minimum tax (AMT) results.   In addition, you must pay attention to special rules that apply to so-called...

The American Opportunity Tax Credit (AOTC) and the more familiar Lifetime Learning Credit (LLC) can make higher education costs more affordable.   The AOTC equals 100% of the 1st $2000 of a student's qualified education expenses plus 25% of the next $2000; maximum annual credit is $2500....

Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages.   In other words, by failing to comply with the accountable plan rules, you turn the tax-free reimbursement into taxable...

Talk to a business owner who has been in business for a while and he or she will tell you to make sure that you put a retirement plan in place. When you are starting out and have modest income, the Savings Incentive Match Plan for Employees (SIMPLE)...

529 Plans -- Income Tax Breaks--although contributions are NOT deductible, earnings in the 529 plan grow federal tax-free and are not taxed when the funds are distributed for college education. In addition, as of January 1, 2018, tax-free withdrawals may include up to $10,000...

In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December 19, 2019, Congress passed a bill that the president signed into...

Changes included in the Tax Cuts and Jobs Act (TCJA) force you and other small-business owners to reconsider whether a new venture should be conducted as a pass-through entity or as a C corporation. Pass-through entities include partnerships and multi-member LLCs that are treated as partnerships for tax purposes. So,...

With the start of a new tax year, you’re probably looking for new tax savings opportunities. As you probably know, establishing a home office for your Schedule C or corporate business creates valuable tax deductions. But it’s not available only for your proprietorship, partnership, or corporate business. If you have...