The stimulus plan and you. Another example of why it’s better to be lucky than good. Inflation is good for borrowers.[Read more…] about 3 interesting things I saw this week – March 18, 2021
Did you spend a couple hours this past tax season digging up receipts only to find that you didn’t have enough deductions to itemize? You weren’t alone. Because of the near doubling of the standard deduction as a result of the Tax Cut and Jobs Act (TCJA), the number of households itemizing deductions went from 47 million in 2017 down to an estimated 18 million for 2018. (Source: Joint Committee on Taxation)
It remains to be seen what impact this may have on charitable contributions. Charities are concerned the loss of tax efficient donations may reduce their 2019 fundraising as many people come to realize they did not get a tax benefit for their generosity.
Are you in a position where you’re no longer able to deduct your donations? There may still be a way you can give to your favorite charities and be rewarded by the IRS.[Read more…] about Tax Efficient Donations Under the New Tax Law
If you are in a High Deductible Health Insurance Plan (HDHP), you have access to one of the best retirement savings vehicles available today, the Health Savings Account. Yes, you read that correctly, in my opinion, your Health Savings Account, or HSA, is best thought of as a retirement account. [Read more…] about The HSA as a Retirement Account
One of the big tax law changes for 2018 is the doubling of the standard deduction. If you find yourself among the millions of Americans that who have itemized deductions in the past but will no longer need to, think about pulling some of your normally deductible activities forward into 2017. This way you may be able to one last time get the tax benefits you would otherwise lose. A couple of end of year tax ideas: [Read more…] about Miscellaneous End of Year Tax Stuff (short)