Monthly Archives: July 2019

Don’t Forget to Put Taxes on your Wedding-Planning Checklist by Joanie B. Stein, CPA

Posted on July 31, 2019 by Joanie Stein

Planning a wedding is an exciting time that requires attention to a myriad of details: the flowers, the dress, the guest list, the gift registry. Given this long checklist of things to do, couples often forget to consider that a marriage combining the lives of two people will affect their tax responsibilities and liabilities. Following […]

IRS Raises HSA Contribution Limits in 2020 by Adam Cohen, CPA

Posted on July 26, 2019 by Adam Cohen

Taxpayers who participate in high-deductible health insurance plans will be able to save a little more in their Health Savings Accounts (HSAs) in 2020, when contribution limits will increase to $3,550 for individuals or $7,100 for family coverage, up from their 2019 limits of $3,500 and $7,000 respectively. This 1.4 percent increase represents significant benefits […]

IRS Issues Final Regulations, Bans Taxpayers from Circumventing SALT Deduction Caps by Karen A. Lake, CPA

Posted on July 09, 2019 by Karen Lake

The IRS has officially shut down any plans that high-tax states had introduced to help their residents circumvent the new tax law’s $10,000 cap on deductions for state and local taxes (SALT). According to final guidance issued by the IRS on June 11, 2019, taxpayers are prohibited from receiving federal tax deductions for the full […]

Archive