IRS Issues New Long-Term Care Deductibility Rules for 2019
The IRS has increased the amount of income taxpayers can deduct in 2019 if they’ve purchased long-term care insurance. “Qualified” long-term care insurance premiums are tax deducible as long as they – along with other unreimbursed medical costs – do not exceed a certain amount of your adjusted gross income. In the last two years, […]
How Will the New Tax Law Affect You?
Signed into law late in 2017, the Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent. Proponents of the law say it will stimulate the economy and create jobs, but how does it actually affect you? We should also note that everything we describe below will end after […]
2018 Gift Tax Exclusion: You Can Give Away More Tax Free
After remaining unchanged for five years, the amount you can give away to an individual in a single year without reporting the gift on your taxes has increased in 2018.
IRS Tax Updates for 2014
The Internal Revenue Service recently published new federal tax updates for 2014. Many taxpayers are interested in the following: Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013. The annual exclusion of gifts remains at $14,000 […]