Every year, the IRS takes a fresh look at contribution limits and makes changes as they see necessary. Below are some of the more significant changes for the 2020 tax year you should be aware of: 1. Contribution limits for employees who participate in 401(k) plans, 403(b) plans, most 457 plans and the federal government’s […]

Numerous tax experts agree that effectively addressing your tax liability requires planning and attention throughout the entire year. Business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments just a few weeks before the filing date. A typical small business can qualify for roughly a dozen […]

The IRS has recently published their inflation adjustments for various tax items for the 2020 tax year. Below is an overview of the adjustments that apply to a wide range of taxpayers. 1. In 2020, the standard deduction for married filing jointly will increase $400 to $24,800. For single taxpayers and married individuals filing separately, […]

If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must have a bank record or written communication from the charity for any monetary contributions and get a written acknowledgment from the charity for any single donation of $250 or more. The key rules you should remember about donations […]