New rules have been established for Required Minimum Distributions (RMDs). Late in 2018, President Trump signed the Secure Act which changes the age for taking RMDs from 70 1/2 to age 72. This only applies to people under age 70 … Continued
If you are a real estate investor, owning many units or just one, there is an important tax law change that affects you. Beginning in 2018, in order to qualify for the Qualified Business Income (QBI) Deduction, you must follow … Continued
One of the big red flags with the IRS these days happens when you have independent contractors or subcontractors. If you do not properly prepare Form 1099s for them, the IRS may deny the deduction for amounts you pay them. … Continued
In 2020, the IRS will be looking more closely at S-Corporation’s owner compensation to determine whether the S-Corp owner is being paid a “reasonable” compensation. The IRS is looking not only whether the S-Corp is being paid reasonable compensation for … Continued
In May 2019, the Minnesota adopted most of the Federal Income Tax changes. These will affect 2019 tax returns filed in 2020. Some of these changes are retroactive to 2017 and 2018. However, the State Tax Department will automatically adjust … Continued
The IRS announced that the contribution limits for 401-K plans increased to at $19,000. For IRA accounts, the contribution limits increased to $6,000. For each of these, there are a “catch-up” provision that raises the contribution amounts by $6,000 for … Continued
The IRS announced that the contribution limits for 401-K plans remain unchanged at $18,000. However, other limits have been raised for cost-of-living adjustments, such as phase-out limits for contributions to a deductible IRA, the Saver’s Credit and Read the full … Continued
BE AWARE! The Internal Revenue Service says it has seen a 400 percent surge in phishing and malware incidents this tax season. And the IRS said this week it has observed fraudsters are more frequently asking for personal tax information, … Continued
With nearly 75% of tax returns showing a refund and with an average refund of just under $2900, there are many reasons to get your tax return filed early. Below, we explore 5 reasons to get started on your tax … Continued
With tax time approaching, it is not too early to start planning. Here are some answers to some commonly asked tax questions: 1) Can I skip filing a tax return? Yes–provided that your income falls beneath the earnings threshold. Even … Continued