What. A. Year. When tax geeks arose from their slumber on January 1, 2018, we were greeted by a strange and unfamiliar world. Gone were personal exemptions, Section 199, and 50% bonus depreciation. In their place were a doubled standard deduction, Section 199A, and 100% bonus depreciation. These changes, in addition to countless others, were [...]
When it comes to retirement saving, which is better for you: a Roth IRA or traditional IRA? What are the differences between a Roth and a traditional IRA, anyway? Is one of them better for everyone in any circumstances? Or does it vary, depending on your circumstances? The answers boil down to this: The best [...]
Although you can’t deduct the cost of commuting back and forth from work, the tax law provides various benefits associated with driving your vehicle. Following are some new developments affecting mobile taxpayers. More tax mileage in ‘19. The IRS recently announced new optional standard mileage rates for 2019 (IR-2018-251, 12/14/18). Accordingly, the rate for business [...]
At the end of last year, Congress passed and President Trump signed the Tax Cuts and Jobs Act (TCJA), the biggest overhaul of the tax code in decades. Although legislation of this magnitude isn’t expected in the next session, a lame-duck Congress could still enact significant tax laws. SALT shakers. One of the most controversial [...]
The Internal Revenue Service has opened an Instagram account where it will share information on the latest tax topics, but probably not many selfies or kitten photos. The IRSNews account on Instagram will give taxpayers info about different tax subjects, especially as taxpayers face numerous tax law changes for the upcoming 2019 filing season related to the [...]
Inside This Issue Get Ready for Taxes: Safekeeping tax records helps for future filing, amended returns, audits WASHINGTON — With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents. This is the seventh in a series of reminders to help taxpayers [...]
The current and future state of Social Security is an increasing concern of both those heading into retirement and younger workers who wonder whether benefits will be available to them when they are ready to follow suit. A special report in the November AARP Bulletin discusses important facts about Social Security, how it works and its financial [...]
When it comes to money, everyone wants more of it. There are two ways to have more of it, either earn more or spend less. While earning more can take a lot of effort and time (and sometimes money), spending less is only a matter of discipline. Here are four ways that many of [...]