1. Reinvested dividends This isn’t really a tax deduction, but it is a subtraction that can save your clients a lot of money. And it\’s one that many taxpayers miss. Many clients have mutual fund dividends automatically invested in extra shares, remember that each reinvestment increases their “tax basis” in the stock or mutual fund. […]
8 Tax Deductions Your Clients May be Missing Read More »
Mortgage interest above $750,000 Homeowners previously were able to write off the interest on mortgages up to $1 million. Under the new tax law, however, the cap has been reduced to $750,000 in qualified residence loans. According to the IRS, that limit applies to the combined amount of loans you use to buy, build or
7 Tax Deductions that Disappeared with 2019 Read More »
Removal of the age limitation on IRA Contributions. Previously, the starting age for required minimum distributions (RMDs) from retirement plans and traditional IRAs was 70 ½. Under the new law, RMDs don’t begin until you turn age 72. The old rule that discouraged people who worked later in life to contribute savings in an IRA.
3 Ways the Secure Act can Help You Prospect for Business Read More »
