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Tax Planning

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Tax Planning

$300 Above-the-Line Charitable Tax Deduction

The Coronavirus Aid, Relief, and Economic Security (CARES) Act added an above-the-line tax deduction for 2020. Taxpayers who make a qualified charitable contribution and who do not itemize their deductions using Schedule A may be eligible for a deduction from the calculation of gross income.

Posted By Alyssa Yocom
May 20, 2020
Tax Planning

Qualified Charitable Distributions

A Qualified Charitable Distribution (QCD) is a helpful tax-planning tool for those who are charitably inclined. It is a charitable donation from an Individual Retirement Account (IRA).

Posted By Alyssa Yocom
August 16, 2019
Tax Planning

Self-Employed Health Insurance Deduction

If you’re one of the millions of self-employed people who pay for their own health insurance for themselves and their families, you may be entitled to a special tax deduction.

Posted By Alyssa Yocom
March 25, 2019
Tax Planning

Medical Expense Tax Deduction

Previously, the IRS allowed individuals to deduct qualified medical expenses that exceeded 7.5% of their adjusted gross income. However, the Tax Cuts and Jobs Act changed this effective January 1, 2019. Now, taxpayers may deduct the amount of qualified medical expenses that exceed 10% of their Adjusted Gross Income (AGI).

Posted By Alyssa Yocom
January 29, 2019
Estate Planning

IRS Announces Higher 2019 Estate and Gift Tax Limits

The IRS has announced that in 2019, the estate and gift tax exemption will be increased to $11.4 million per individual, up from $11.18 million in 2018. This means that an individual can leave $11.4 million to heirs and pay no federal estate or gift tax and a married couple will be able to leave up to $22.8 million. While the federal exemption amount is considerably high, there are some states that have lower state estate and gift tax exemption amounts.

Posted By Alyssa Yocom
January 15, 2019
Retirement Planning

2019 Retirement Plan Contribution Limits

The annual contribution limit for individual retirement accounts (IRAs) has increased for the first time since 2013. In 2019 the annual contribution limit will be raised from $5,500 to $6,000. For taxpayers age 50 or over, the limit will be $7,000.

Posted By Alyssa Yocom
November 21, 2018