News Articles

03

December

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Retirement Plan Updates for 2020

Video Overview CPA, Elizabeth Owen, gives an update on the SECURE Act and CARES Act related to retirement plans. Watch the video here.   The SECURE Act The SECURE Act makes a variety of tax law changes related to retirement plans. Notably, it repeals the maximum age of 70 ½ for making traditional IRA contributions, … Continued

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03

December

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What’s happening with Health Savings and Flexible Spending accounts in 2020?

Video Overview Tax expert, Charles Peery, CPA, gives a timely overview on health savings and flexible spending accounts.  Watch the video to learn more key information for these accounts. Important Figures: Health Savings Accounts HSAs can bear interest or be invested, growing tax-deferred similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over … Continued

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30

November

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2020 Business Tax Planning

ATA Partner, David Hart, CPA, CGMA, CVA, CFF  gives a timely overview for business owners on 2020 tax planning.  Watch the video to learn more key information on business depreciation and for an update on Section 199A Deductions. Depreciation For business owners who own equipment and heavy-duty vehicles, please keep in mind that up to $1,040,000 of qualified fixed … Continued

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23

November

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2020 Tax Planning Tip for Itemized Deductions

What’s happening with deductions in 2020? The standard deduction has once again been increased for inflation. The 2020 amounts for separate filers is $12,400 and for joint filers is $24,800. Itemized deductions are more beneficial if taxpayers ‘bunch’ deductions into one year.  The itemized deductions that may be able to be shifted from year-to-year are … Continued

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13

November

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Don’t forget about making a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these … Continued

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