There are several tax proposals being discussed by the House Ways and Means Committee as part of the upcoming $3.5 trillion legislation expected to be voted on this month. If passed, The Build Back America Better Act would be designed with the intent to increase taxes on high income earners.
Monday evening, the United States Congress passed a second COVID-19 relief bill. The new legislation totals $900 billion and will need to be signed by President Trump to take effect. Trump indicated on Tuesday evening that he would like to see certain modifications before signing the bill, so it remains
As you may be aware, the 2019 federal income tax filing deadline was extended from April 15, 2020 to July 15, 2020. Additionally, the deadline to make 2019 deductible contributions to your Health Savings Account (HSA) and your Individual Retirement Account (IRA) have been extended. Taxpayers have until July 15,
There are some colleges issuing refunds for college-related expenses due to changes resulting from the COVID-19 pandemic. Many individuals are receiving refunds that can be traced back to payments made from a 529 Plan, which is designed as a tax beneficial savings vehicle if used for college expenses. 529 Plans
Lower Income Tax Rates for Most Individuals The 2017 Tax Cuts and Job Act (TCJA) is the biggest change that the US has seen in regard to tax law in decades. Prior to the TCJA being signed into law last year, the biggest change the tax law underwent was when
2018 HSA Contribution Deduction Limit Restored to Original Level of $6,900 Before the Tax Cuts and Jobs Act was passed, the 2018 limit on deductible HSA contributions for account owners with family coverage was scheduled to be $6,900. However, the Tax Cuts and Jobs Act included changes to how annual
Congress passed a bill this week which includes several retroactive tax law changes for 2017. Over 30 extender provisions, which are tax laws that have not been made permanent and need to be approved by Congress each year, are included in the bill. Many of the extenders offer tax breaks
Much of the media’s attention regarding the new tax reform bill has focused on the reduced corporate tax rates, the 20% pass-through entity deduction, and the limitation on state and local taxes. However, there were several less-talked-about, yet impactful, changes to the tax law that businesses and individuals should be
The United States congress has passed a sweeping new tax legislation bill, which will impact nearly every American taxpayer beginning in 2018. With the beginning of 2018 just a few days away, we have highlighted a few year-end tax planning considerations regarding the new tax bill.
