We’ll now turn to key Obamacare tax changes that are in place for 2019. People who forgo health insurance in 2019 won’t have to pay a penalty. The new tax law repealed the fines under Obamacare’s individual mandate for post-2018 years. Note that this relief doesn’t apply for 2018 returns filed in 2019. The income […]
Most individual tax provisions in the new tax law expire after 2025. They include tax rates and bracket changes, increased standard deductions, repeal of personal exemptions, pared-back Schedule A itemized deductions, the 20% write-off for owners of pass-throughs, and the higher estate tax exemption. But three changes affecting individuals are permanent: Inflation adjustments of tax […]
Don’t expect big hikes in the limits on deductible contributions to HSAs or health savings accounts, despite a push by the White House to raise the ceilings. For 2018, the cap on deductible contributions to HSAs is $3,450 for account owners with self-only coverage and $6,900 for family coverage. These figures are going up in […]
Interest can be deducted on up to $750,000 of total home acquisition debt… indebtedness that is secured by your primary home or a single secondary home and that is incurred to buy, construct or substantially improve the residence. Before tax reform, interest could be deducted on up to $1 million of mortgage debt. The $750,000 […]
Scammers are spreading a computer virus with e-mails about tax transcripts. The message may look like it’s from IRS, but it isn’t. Don’t open the e-mail or any attachments. The virus will spread throughout your computer network, and it could take months to clean it out. If you get one of these messages, delete it or forward it to […]
