The old saying that the only thing constant is change … and that certainly applies annually to the U.S. tax code. That said, it’s no surprise that 2022 taxes will differ from last tax year. Here’s a rundown on how those revisions may affect your taxes come next filing season.Read More
The old saying that the only thing constant is change … and that certainly applies annually to the U.S. tax code. That said, it’s no surprise that 2022 taxes will differ from last tax year. Here’s a rundown on how those revisions may affect your taxes come next filing season.Read More
In this article, you’ll learn how to best comply with this year’s annual tax filing event with a minimum of frustration and effort. Whether you choose a do-it-yourself (DIY) approach or engage the expert advice of a tax preparation professional, here are 5 critical items to complete your 2021 tax return in a timely manner.Read More
The SECURE Act signed into law December 2019, includes a significant change to the mandatory RMD age requirement. The RMD age has been advanced to age 72 from the previous limit of 70½. This revision reflects that Americans are living and working longer. Notably, since the original law was enacted, life expectancy has increased more...Read More
Good news for participants in 401(k), 403(b) and most 457 plans and the federal government’s Thrift Savings Plan. If you participate in one or more of these plans, your tax year 2022 contribution limits will increase by an additional $1,000 … making annual deductible contributions capped at $20,500.Read More
With all the distractions and turmoil triggered by the pandemic, it may seem surprising that the fourth quarter of 2021 is upon us … and that means limited time to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from your earnings.Read More
It’s been in the press for months … the Democrats unveiling of the Build Back Better Act. Within its 881 pages are significant changes to the tax code with drastic impacts on current estate planning strategies and gifting rules. High tax bracket and wealthy taxpayers will be the most affected class of taxpayers … assuming...Read More
The following are two descriptions of proposed bumps in the capital gain rate retroactive for asset sales … one proposed by President Biden, the second more recently by the House Ways & Means Committee. We won’t speculate as to how either of those proposals may play out … just a heads-up for you to know...Read More
The Employee Retention Credit (ERC) is an $80 billion dollars tax savings program that promises financial relief for hundreds of thousands of small and medium businesses as well as tax-exempt entities. The ERC, as part of the CARES Act offers tax credits to encourage employers to retain employees at the height of the COVID-19 pandemic...Read More
The American Rescue Plan was enacted in response to the families, workers and employers impacted by the ravages of the COVID-19 pandemic. In this article, we’ll highlight those elements of the Plan that are most likely to deliver meaningful relief for readers of the Pearson Perspective.Read More
