Archive for the Tax Documents Category

IRS Notice: Update on increased gift/tax exclusion

Final regulations confirm: Making large gifts now won’t harm estates after 2025 IR-2019-189, November 22, 2019 WASHINGTON — The Treasury Department and the Internal Revenue Service today final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018

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401(k) limit changes from the IRS

From the IRS: 401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in

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Small business deduction info from the IRS

From the IRS: Small business owners should find out if they can benefit from claiming this deduction The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of

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Tax reform brought significant changes to itemized deductions

FROM THE IRS: Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years.  One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers. This means that many individuals

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Tax Reform Bill: Changes to Expect

On December 28, 2017, we posted some information on the new tax reform bill,H.R.1, the Tax Cuts and Jobs Act, passed by Congress on December 20, 2017.  Many of you are concerned about how the new bill will affect you—especially if you normally use itemized deductions (greater than the

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