Taxes
Highlights of SECURE Act 2.0 for Individuals
SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Taxes
Highlights of the SECURE Act 2.0 for Businesses
The new SECURE Act 2.0, enacted late last year as part of a spending measure, features several notable provisions affecting individuals saving for retirement.
Taxes
The Tax Blotter - Jan. 20, 2023
The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for.
Taxes
Do You Need A Charitable Appraisal? 2023 Tax Tips
The appraisal rules don’t apply to donations of publicly traded securities. Use the quoted market price to determine the FMV of the securities. This takes a lot of the guesswork out of the deduction.
Taxes
Adoption Tax Credit Provides Valuable Benefit
The adoption credit is indexed annually by the IRS. Due to the rising inflation of late, the figures have jumped dramatically.
Taxes
How to Max Out the Gift Tax Exclusion
When possible, limit your lifetime gift-giving to amounts covered by the annual gift tax exclusion.
Payroll
Who Gets the Retirement Saver’s Credit?
Remember that there are other financial and tax benefits for contributing to qualified plans and IRAs. So this is usually a good idea even if you don’t qualify for the retirement saver’s credit.
Taxes
Rely on New Per Diem Rates
The government annually establishes a flat rate for certain “high-cost areas” such as New York, Chicago and Los Angeles and other major cities.
Taxes
Tough Tax Law Test for Real Estate Professionals
Generally, investors in activities such as real estate in which they don’t materially participate can only take deductions up to the amount of their passive income for the year.
Taxes
Three Key Expiring Business Tax Provisions
At this time of year, Congress usually addresses a number of tax law provisions that are going off the books.
Taxes
The Tax Blotter - Dec. 22, 2022
The 2023 tax filing season is about to kick off. Individual taxpayers should start assembling all the information needed for filing their 2022 returns.
Taxes
How to Salvage a Partial Home Sale Exclusion
Under the current rules, a short-term gain on property held for a year or less is taxed at ordinary income rates topping out at 37%.