AGI (Adjustable Gross Income) – Page 5

Congress gives a holiday gift in the form of favorable tax provisions

401K, AGI (Adjustable Gross Income), IRA, Required Minimum Distributions (RMDs), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement […]

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Medical expenses: What it takes to qualify for a tax deduction

AGI (Adjustable Gross Income), Deductions, Disabilities, Federal Income Tax, Flexable Spending Accounts, Health Care, Health Care Insurance, Income Tax, Individual Income Tax, Insurance, Itemized Deduction, Medical Deductions, Nursing Home Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

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Using your 401(k) plan to save this year and next

401 K, AGI (Adjustable Gross Income), Internal Revenue Service (IRS), IRA, Retirement, Roth IRA, Tax Planning, Tax Savings / Douglas Freeman

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year-end. Because

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IRA charitable donations are an alternative to taxable required distributions

AGI (Adjustable Gross Income), Charitable, IRA, Qualified Charitable Distribution (QCD) / Douglas Freeman

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics. A popular way to transfer IRA assets to charity is through a tax provision

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You may have to pay tax on Social Security benefits

AGI (Adjustable Gross Income), Capital Gains, Contributions, Federal Income Tax, Income Tax, Individual Income Tax, Investment Income Tax (NIIT), Retirement, Social Security, Tax, Tax Planning, Tax Savings / Douglas Freeman

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your

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The chances of IRS audit are down but you should still be prepared

2018 Tax Return, AGI (Adjustable Gross Income), Bookkeeping, Charitable, Documentation, Doucment Retention, Internal Revenue Service / Douglas Freeman

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics. Overall, just

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Make a deductible IRA contribution for 2018. It’s not too late!

401K, AGI (Adjustable Gross Income), Income Tax, Individual Income Tax, IRA, Retirement, Roth IRA, Tax, Tax Planning / Douglas Freeman

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and

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2 major tax law changes for individuals in 2019

2018 Tax Return, AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Income Tax, Internal Revenue Service, Itemized Deduction, Medical Deductions, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold. With rising health care costs, claiming whatever tax breaks related to health

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Back-to-school time means a tax break for teachers

AGI (Adjustable Gross Income), Deductable Expenses, Income Tax, Individual Income Tax, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the

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