Due to low inflation, cost-of-living adjustments to various retirement plan limits are unchanged or only slightly higher (Notice 2020-79). The following are some key numbers to help you plan for the c...

While most miscellaneous itemized deductions cannot be taken in 2018 through 2025, those that are not subject to the 2% of adjusted gross income floor continue to be deductible. One such deduction is ...

Employers may offer employees a reimbursement plan to pay for certain costs not covered by group health insurance. An Excepted Benefit Health Reimbursement Arrangement (EBHRA) can cover a set dollar a...

More than 70 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 1.3% starting with the December 2020 benefits, which are payable in January 2021. This COLA adjust...

The IRS is including barcodes to CP14 and CP14 IA notices sent to taxpayers who have unpaid taxes (IR-2020-233). These notices are the first contact made with taxpayers who have a balance due.  Scann...

In 2019, Americans gave an estimated $449.64 billion to charities and this year likely will see similar or greater donations. This is the season to be generous, especially with the added need of many ...

It has long been solid general tax advice to defer income so that it becomes taxed in a future year. However, 2020 is a year like no other and standard tax advice does not apply to all individuals. If...

It may seem that 2021 is a long time from now, but decision-making on your health care coverage for the coming year must be done soon. Know the time frame for making choices and what those choices are...

As a result of COVID-19, required minimum distributions (RMDs) have been suspended for 2020. The IRS has provided guidance on how to deal with this suspension (Notice 2020-51). Here are some of the ra...

As a result of the pandemic, Congress has created a number of payments and programs for individuals to help them financially. If you’ve received one or more of these payments or benefited from one o...

There are no longer any age limits on making contributions to traditional IRAs. The cap of age 70½ expired after 2019. This means that those of any age who continue to have earned income (or other in...

There are no required minimum distributions for 2020 (the requirement for 2020 was waived by the CARES Act), so the starting age is not significant for this year. After 2020, the starting age for comm...

The cost basis of a home includes only capital improvements. Ordinary expenses, such as utility costs and property taxes, do not increase basis....

The distribution is included in gross income; there is no exclusion in the law for using retirement account funds for this purpose. However, because you are over age 59½, there is no 10% early distri...

The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the Na...