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A record number of taxpayers filed for an automatic six-month extension last year as they worked with their tax professional to understand the changes under the Tax Cuts and Jobs Act. Though fewer taxpayers are expected to extend their returns this year, there are still valid reasons to do so for 2019. Here's some important information to consider when filing an extension.

Should You Extend Your 2019 Tax Return? Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10

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The deadline for you to file your 2019 individual federal income tax return is April 15, 2020. With that deadline fast approaching, you may be searching for ways to lower your personal income tax liability. Fortunately, there's still time to consider making one (or more) of these tax-saving elections on your 2019 return.

10 Tax Elections to Save Money on Your 2019 Return 2020 is a presidential election year. You'll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law in December 2019, made important changes to the tax laws that affect employers offering retirement benefits. It increases the credit for small employer plan start-up costs, provides a new small employer credit for plans that add an automatic enrollment feature, expands 401(k) plan eligibility for certain long-term part-time employees and extends the deadline for adopting a new plan.

What Employers Should Know About the SECURE Act The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new l

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is part of a larger federal spending package enacted in December 2019. This new law contains several key provisions that could affect you. These include removal of the age restriction on traditional IRA contributions, a new start date for IRA and retirement plan required minimum distributions (RMDs), and changes to the kiddie tax rules.

SECURE Act Affects Retirement and Tax Planning for Individuals On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Con

A nonexempt employee's "regular rate of pay" is essential when calculating hourly overtime wages. But the proliferation of employee perks has muddied the waters over the last 50 years. New regulations from the U.S. Department of Labor go into effect on January 15 that update how employers determine which benefits are part of regular-rate-of-pay calculations.

New DOL 'Rate of Pay' Regs Update Overtime Pay Rules What is the

The Taxpayer Certainty and Disaster Tax Relief Act of 2019 is part of a larger federal spending package enacted in December 2019. Many of the law's provisions revive federal tax breaks commonly referred to as "extenders" through 2020. Others provide relief for victims of federally declared disasters. Could these tax law changes lower your taxes for 2018 through 2020?

New Tax Law Provides 10 Key Breaks for Individual Taxpayers A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 202

The tax benefits of property depreciation eventually disappear. But there might be a way to extend the tax advantages on older properties, as well as generate a steady stream of personal income. Here's a strategy to consider.

Stretch Out Real Estate Tax Benefits Let's say you own a C corporation that needs to raise some cash and you're considering the sale of a warehouse that has been depreciated to zero. But

Guaranteed investment strategies can be hard to find given today's low interest rates and volatile stock prices. If you have extra cash on hand that you're looking to invest, a safe bet might be right under your nose — making accelerated home mortgage payments. Here's how this strategy can add up, along with a potential drawback to factor into your decision.

Should You Pay Down Your Home Mortgage Early? If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster

Just in time for the holidays, Congress has passed legislation that will affect businesses and individual taxpayers. In addition to keeping the government running through fiscal year 2020, the recently enacted spending package extends several expiring tax breaks, repeals some Affordable Care Act taxes and facilitates retirement savings. Here are the details on certain key provisions of the new law.

New Spending Law Contains Holiday Surprises On December 20, President Trump signed into law the annual government spending package, which includes amendments to the tax law, the repeal of certai

Many taxpayers are unclear about the rules for deducting home office expenses under current tax law. While employees may no longer deduct unreimbursed business expenses through 2026, many self-employed individuals still may be eligible for a home office deduction. Here are the rules under the Tax Cuts and Jobs Act, including a few tricks to help you maximize your deduction.

FAQs about Home Office Deductions In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts an

Health Savings Accounts (HSAs) have become a popular employee benefits option. Are they right for your business? HSAs offer tax advantages to employers and employees — and they allow employees to build up a tax-favored medical expense reserve for when they're older. Here's information to help you decide whether to jump on the HSA bandwagon.

What Employers Should Know about HSAs Health Savings Accounts (HSAs) are a tax-smart way to cover an individual's uninsured medical expenses, as well as certain other out-of-pocket medical

Sharing your estate plans with your heirs is critical to the well being of your loved ones. To avoid future disputes, make your wishes clear — along with the reasons why you made certain choices. In addition, a candid discussion about estate planning allows you to ask your adult children about their plans to ensure the maximum family wealth is distributed to the younger generation.

Talking to Loved Ones About Your Estate Plans Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you don't want your children to real

The 15.3% self-employment (SE) tax applies to individuals who engage in a trade or business. That refers to activities conducted with continuity and regularity and with a profit motive. Income from activities that don't meet this standard may be SE-tax-exempt — but there are some gray areas. Here's what you need to know to possibly avoid the SE tax hit.

FAQs About Self-Employment Tax Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not

Tax law changes further restrict the amount of losses that sole proprietors, partners, LLC members and S corporation shareholders can currently deduct. This is potentially bad news for start-ups and other business ventures that are incurring tax losses. Here's an overview of the new rules for so-called excess business losses and net operating losses (NOLs).

Deducting Pass-Through Business Losses Many business ventures generate tax losses, especially in the first few years of operation or under adverse conditions. When can losses be deducted a

Many people forgo estate planning if their net worth is below the unified federal estate and gift tax exemption. That amount has been significantly increased through 2025 under the Tax Cuts and Jobs Act. But changes could be coming even sooner than 2026, depending on the results of next year's elections. For this reason — and many others — you may want to take steps before year end to protect your assets and your loved ones.

Estate Planning Isn’t Just for the Rich and Famous Nearly everyone should consider updating his or her estate plan. This is smart advice even if you're not currently exposed to the federal estate tax.

There's no question that long-term care is extremely expensive. That's why, when shopping for long-term care coverage, it is important to make sure that the plan is a comprehensive one and that you are getting the plan you paid for. Naturally, consumers want to find a good deal. Unfortunately, they may fall prey to ever-present scam artists, seeking to steal whatever they can from victims, including vulnerable senior citizens.

Beware of Scams Surrounding Long-Term Care Coverage Studies show a rising number of people will enter a long-term care facility at some point in their lives, often at a younger age than they expect. Man

Refinancing your home mortgage can affect your taxes if you itemize deductions. To complicate matters, the Tax Cuts and Jobs Act temporarily altered the rules that apply to deducting home mortgage interest and points — and it reduced the number of taxpayers who will itemize deductions through 2025. Here are the details, along with an important distinction between home acquisition debt and home equity debt under current law.

Tax Implications of Refinancing Your Home You may be thinking about refinancing this year to take advantage of falling interest rates. Or you may have refinanced your home mortgage last year a

Only half of private sector employers with fewer than 100 employees sponsor retirement plans. But more small businesses are likely to join the bandwagon thanks to a new final rule issued by the U.S. Department of Labor. The rule will allow more businesses, including self-employed individuals, to offer multiple employer plans (MEPs) that provide their employees a defined contribution plan. Here are the details.

Expanding Retirement Plan Options for Small Businesses A new final rule from the U.S. Department of Labor (DOL) clarifies some of the ins and outs of multiple employer plans (MEPs). These are defined contr

Suffering a disability so severe that you are unable to work may seem remote, but unfortunately, it is a distinct possibility. Here's an explanation of how an individual disability insurance policy can provide added protection, along with some information about how disability benefits are taxed.

Don't Take Chances: Buy Enough Disability Insurance You may think you don't need disability insurance but you probably should have generous coverage. The Limits of Federal Aid Federal Workers' Co

As a parent or legal guardian, it's your job to teach life lessons to your kids. One important lesson is how to pay federal income taxes. Here are answers to common questions that may arise when your kids start working or they receive capital gains, dividends or interest on investments — along with information about possible child-related tax breaks for parents.

Common Questions about Kids and Taxes Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibi

Long-term care can be expensive. Rather than drain your hard-earned savings or rely on a generous family member, consider purchasing a long-term care (LTC) insurance policy to help cover the costs. In addition to providing benefits and peace of mind, many LTC policies offer tax breaks. Here are critical details you should know before signing up.

FAQs about LTC Insurance and Your Taxes If you or a loved one needs long-term care, you probably don't want to pay it from your hard-earned savings. Instead, consider purchasing a long-term

The second half of 2019 has begun. Have you given any thought to your current federal tax situation? Fortunately, you still have several more months to make changes. Here are some areas to consider — including fine-tuning your investments, making tax-savvy gifts, converting IRAs and avoiding the alternative minimum tax — to help lower your tax hit in 2019 and beyond.

Hot Midyear Tax Planning Ideas for Individuals The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allo

Applying for Social Security retirement benefits is a rite of passage. But many seniors are uncertain about their options, including when to start collecting benefits, how to apply, who qualifies for survivor benefits and whether benefits will be subject to income tax. Here are the answers to some common questions.

Answers to Your Questions about Social Security Retirement Benefits For years, people have questioned the long-term viability of the Social Security system. In June of 2016, the Social Security Board of Trustees releas

Tax breaks for buying new and used business vehicles have been expanded under the Tax Cuts and Jobs Act. But there are some important limitations and exceptions that you should review before making a purchase. Also, if you're thinking about leasing a car to be used for business, don't forget to consider the amounts that lessees must report as income that effectively reduces deductible lease payments.

How Much Can Businesses Deduct for Vehicles Placed in Service in 2019? Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. Fir

Studies show that many Americans aren't setting aside enough money to make their retirement years secure. If you're getting a late start, even contributing the maximum amount each year might not be enough. That's why the IRS allows taxpayers age 50 and older to make additional "catch-up" contributions.

Age 50 or Older? Consider Extra Retirement Contributions Here's an important reminder for those who want to max out before-tax contributions to employer-sponsored 2019 Contribution Limits

The tax rules for passive activity losses — or PALs, for short — aren't overly friendly towards taxpayers. In fact, the rules may prevent you from being able to currently deduct losses sustained from certain activities. The IRS states that long-term equipment losses are passive and not deductible unless the taxpayer has passive income from another activity. But you might be able to realize tax benefits with careful planning.

Make Tax Friends with PALs Losses can be used, within certain limits, to offset other highly-taxed income, such as salary from a job. However, in general, losses from

When a parent or another beloved family member passes away, someone must tackle the job of handling the resulting tax issues. This article explains the role of the executor, how to file taxes in the year of death, how revocable trusts are treated under the tax code and how marital status sometimes can affect a decedent's income tax obligations.

Tax Issues When Winding Up the Estate of a Loved One When a loved one who was

Roth IRAs have a number of unique benefits but many eligible people don't take advantage of them. Don't miss out on this tax-saving vehicle because you assume you don't qualify or you believe your tax rate during retirement won't be very high. In this article, we explain why these assumptions might be wrong and how you might be able to build a substantial tax-favored retirement fund with a Roth IRA.

Don't Overlook a Roth IRA if You Are Self-Employed Saving for retirement on a tax-advantaged basis should be on nearly everyone's financial

A recent study reports that most parents and students have no idea how much college actually costs. The key reason is that most families focus on the sticker price of college tuition, without factoring in grants, scholarships and tax benefits that lower out-of-pocket costs. Any way you look at it, college is a major investment. Here's how much you can realistically expect to spend, along with tips for lowering the overall cost.

Sticker Shock: How Much Does a College Degree Cost? And these scholarships are generally available no matter how high your income is. So even if you don't qualify for need-based aid, you may qualify for merit-based or other scholarships.

Are your estate planning documents collecting dust? Many people who take the time to create a detailed estate plan fail to follow up on a regular basis to reflect changes in their family situation or asset portfolios, relocations across state lines and new tax laws. Estate planning is an ongoing chore — even for people with estates valued below the temporarily expanded unified estate and gift tax exemption.

When to Update Your Estate Plan Estate planning isn't just for the rich and famous. Many people mistakenly think that they don't need an estate plan anymore because of the latest tax

The use of a company car is a popular perk for employees at some companies. But under tax law, this benefit isn't completely free to employees. Essentially, the personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax withholding by the employer. The IRS just released a relevant figure for 2019 used in calculating the benefit.

IRS Announces Changes for Personal Use of Employer-Provided Vehicles The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn'

Self-employment tax can be a big expense for small businesses. But S corporations have a tax advantage over unincorporated business entities: They pay federal employment tax only on salaries paid to employees and shareholder-employees, not on cash distributions to shareholders or income that passes through to the shareholders' tax returns. Here's how operating as an S corporation can be an effective tax-saving strategy, along with some potential downsides.

How Can Small Business Owners Reduce Social Security and Medicare Taxes? If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government c

Do you own a large boat or recreational vehicle? In addition to the pleasure you get cruising around in it, you may also be eligible for some federal tax breaks, if you meet certain requirements. This article provides a brief rundown of four possible tax-saving opportunities related to your vehicle or vessel.

Navigate the Tax Rules for Boats and RVs Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, y

Spring has finally sprung! Before you start cleaning out your personal or business files, review these guidelines. On the one hand, excess clutter takes up space in your home, office or hard drive — and it could lead to stolen identities if not properly disposed of. But, if you purge too soon, you might not be able to file an amended return or defend against inquiries by the IRS and state tax agencies.

Records Retention Guidelines to Remember During Spring Cleaning Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to revie

Studies show that many Americans aren't setting aside enough money to make their retirement years secure. If you're getting a late start, even contributing the maximum amount each year might not be enough. That's why the IRS allows taxpayers age 50 and older to make additional "catch-up" contributions. To find out how fast those extra deposits can add serious money to your nest egg, keep reading.

Age 50 or Older? Consider Extra Retirement Contributions Here's an important reminder for those who want to max out before-tax contributions to employer-sponsored 2019 Contribution Limits

If business owners file for divorce, tax issues can complicate matters. Though most assets can be transferred tax-free between soon-to-be-ex-spouses, there may be tax bills when those assets are eventually sold. So, it's important to consider current and future tax obligations. Here's how taxes factor into divorce settlements under today's tax law, including the new treatment for alimony payments under post-2018 divorce agreements.

Tax Issues to Consider When Small Business Owners Get Divorced For many small business owners, their ownership interest is one of their biggest personal assets. What will happen to your ownership interest if you g

Retirement plan options can be overwhelming for small business owners. Two popular alternatives — SIMPLE IRAs and solo 401(k) plans — may allow you to make larger annual deductible contributions than you could to a traditional defined contribution or profit-sharing plan. But they're not right for everyone. Here's what you need to know to help you save more money for retirement.

SIMPLE IRA vs. Solo 401(k): Which Is Right for Your Small Business? Small business owners have several options for their retirement plans. Two tax-smart and flexible alternatives are SIMPLE IRAs and solo 401(k) plans.

IRS regulations provide a substantial tax break if you claim home office deductions on your return. When you sell your residence, you may now be eligible for the entire amount of the home sale gain exclusion. Click "Full Article" for an explanation of these important changes, along with the expenses you can deduct for a qualified home office.

Home Office: Collect a Tax Windfall Today's technology has made working from home a reality for many people. These individuals and their companies enjoy the benefits of reduced overhead