In most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. Two payments in the same year The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those persons [...]
Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET INVESTMENT INCOME (NII), OR 2. THE EXCESS OF MODIFIED ADJUSTED GROSS INCOME (MAGI) OVER A THRESHOLD [...]
The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect [...]
The TCJA temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, the standard deduction has almost doubled. Combined with the capping of the state and local tax deduction at $10,000 per year ($5,000 for a married taxpayer filing a separate return), changes to the [...]
Under the TCJA, 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%, 32%, and 35%.) Also, the top rate now applies to joint filers whose taxable income is over $600,000 (as opposed to [...]
