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Grandchildren working this summer?
by Reception Northside Tax | September 10, 2020 | Tallahassee Tax Service | 0 Comments
Here is an idea to help a child or grandchild working this summer. You can contribute to a Roth IRA for him or her... up to $6,000 for 2020, but not more than the child is earning. If you decide to go down this path, you have until April 15, 2021, to make the...
Affordable Care Act
by Reception Northside Tax | September 8, 2020 | Tallahassee Tax Service | 0 Comments
It's Official! The Trump administration wants the Affordable Care Act gone. It filed a legal document in the Supreme Court, agreeing with the states that claim the individual mandate requiring the uninsured to buy health coverage or pay a penalty tax is now invalid...
Payroll Tax Cut
by Reception Northside Tax | September 3, 2020 | Tallahassee Tax Service | 0 Comments
President Trump has pleaded for an employee payroll tax cut for months. His executive action does not do that. Instead, it is a payroll tax deferral. The White House memo directs IRS to issue rules to defer the withholding, deposit and payment of a workers 6.2% share...
COVID-19 Retirement
by Reception Northside Tax | September 2, 2020 | Tallahassee Tax Service | 0 Comments
More people qualify for a Covis-19 retirement-account-related easing. The 10% penalty on pre-age 59 1/2 payouts from retirement account is waived on up to $100,000 of coronavirus -related distributions in 2020 from 401(k)s, 403(b)s and IRAs. Federal income tax on...
Health Savings Account
by Reception Northside Tax | June 9, 2020 | Tallahassee Tax Service | 0 Comments
People enrolled in Medicare can not contribute to a health savings account. But do not despair, if you have a balance remaining in an existing HSA. While on Medicare, you can continue to tax-free withdrawals from your account to pay out-of-pocket medical expenses,...
Stimulus Legislation Details
by Reception Northside Tax | May 26, 2020 | Tallahassee Tax Service | 0 Comments
More cash donations to charity can be deducted for 2020 under the new law. The 60%- of- AGI limit on cash donations by individuals is suspended. Gifts to donor-advised funds and private non-operating foundations are excluded. The taxable income limit on charitable...
Foreign Accounts
by Reception Northside Tax | May 21, 2020 | Tallahassee Tax Service | 0 Comments
Penalties for failing to report overseas accounts are stiff. $13,481 apiece for nonwillful violations, the larger of $134,806 or 50% of the highest balance in the account for willful failures. Be sure you comply with the reporting rules, because increasing taxpayer...