In an era of uncertainty, you can count on one thing: Time marches on. While you can’t beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older. Age 0—23: Beware of the Kiddie Tax The so-called “kiddie tax” rules can potentially apply to your… Continue reading

A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package. However, there are some lesser known changes that you might not know about. Specifically, the disaster-related… Continue reading

The following table provides some important federal tax information for 2020, as compared with 2019. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2020 2019 Social Security Tax Wage Base $137,700 $132,900 Medicare Tax Wage Base No limit No limit Employee portion of Social Security… Continue reading

On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package. In general, the SECURE Act is intended to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans.… Continue reading

On December 20, President Trump signed into law the annual government spending package, which includes amendments to the tax law, the repeal of certain Affordable Care Act (ACA) taxes and various retirement measures. Here’s an overview of key changes that will affect businesses and individual taxpayers. Tax Provisions The Further Consolidated Appropriations Act is an omnibus spending package… Continue reading

When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. The laws related to domestic workers are confusing and poorly understood, but ignoring them can land you in hot water—even decades from now. Over the years, there have been news stories about political appointees and others who got… Continue reading

Do you owe self-employment (SE) tax on nonwage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income from “irregular” sources. What Is SE Tax? SE tax is the way the U.S.Treasury… Continue reading