27 Aug Child Tax Credit for 2021: Will You Get More?
If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit...
Tax Tips
08 Apr Tax Filing Information for Coronavirus Distributions
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation included a provision that allowed qualified retirement plan participants and IRA account holders to...
17 Dec 2021 Investment Planning
Maximum tax on long-term capital gains and qualified dividends Unearned income Medicare contribution tax ("net investment income tax") All investing involves risk, including the possible loss of principal, and there is no...
17 Dec 2021 Government Benefits
Social Security 1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married...
17 Dec 2021 Retirement Planning
Employee/individual contribution limits 1 Must aggregate employee contributions to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of all employers. 457(b) plan contributions are not aggregated. For SAR-SEPs, the percentage limit is 25%...
17 Dec 2021 Estate Planning
1 Basic exclusion amount plus deceased spousal unused exclusion amount (exclusion is portable for 2011 and later years) 2 The GST tax exemption is not portable 2020 and 2021 gift and estate tax rate...
17 Dec 2021 Education Planning
American Opportunity and Lifetime Learning Credits Coverdell education savings accounts Deduction for qualified higher education expenses Deduction for student loan interest Gift tax exclusion Kiddie tax All investing involves risk, including the possible loss of principal,...
17 Dec 2021 Individual Income Tax Planning
Adoption credit Alternative Minimum Tax (AMT) Charitable deductions 1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum 2 Charitable contribution is fully deductible if the...
17 Dec 2021 Protection Planning
Eligible long-term care premium deduction limits: Per diem limit: Archer Medical Savings Accounts Flexible spending account (FSA) for health care Health Savings Accounts (HSAs) All investing involves risk, including the possible loss of principal, and...
17 Dec 2021 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)
Single taxpayers Married filing jointly and surviving spouses Married individuals filing separately Heads of household Trusts and estates All investing involves risk, including the possible loss of principal, and there is no guarantee that any...
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