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vickeyeppunitarj42insurance-blog · 5 years

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ram insurance lockport il

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ram insurance lockport il

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medicaretalkillinois · 5 years

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What are the qualities that make an insurance agent a good insurance agent?

An insurance agent is the one who can be consulted when one is in need of insurance. The need for insurance can be of any type, but all a person needs to do is reach out to their insurance agent and they will take care of the rest. They will not only find the best insurance plans but will also take care of documentation, risk minimizations, claim settlements, etc. There are several benefits of consulting a good insurance agent, one can save time, money and energy. But the real question is how to identify a good insurance agent in Bolingbrook from various brokers out there. There are some very crucial characteristics of a broker that makes them worth one’s money and time and they are mentioned below: Interpersonal skills A good agent should have great interpersonal skills so that they can communicate with their clients effectively. Having good communication and people skills means the broker can talk and listen to their clients and their demands and expectations. Listening helps in building a relationship of trust between the agent and the client, which in turn will be beneficial to the client and the broker in the long term. Client servicing The core of the success of businesses lies on good customer support. Insurance agents are no different, they should also provide good quality support to their clients by listening to their problems and finding effective and substantial solutions to them. They should be able to answer questions and help their clients through phone calls and e-mails and, if needed, face to face. Strong personality traits People usually tend to look for experience and good communication skills, but forget about their personality. Personality plays a bigger role when it comes to dealing with clients and their problems. An agent should be eager to listen and solve issues immediately. They should also be honest in nature and tell the truth always, revealing all vital facts to their clients. Technical knowledge Other than all types of personality factors, the main thing that an insurance agent must possess is thorough and detailed knowledge about the insurance industry. They should have sound knowledge about various insurance products and insurance plans and what their individual advantages and disadvantages are. They should know what products will fit their client's demands and then design out a personalized selection list for them. They should also have technical knowledge about legal clauses, taxes, claim settlements, financial risks and leverages, etc. Good marketing skills Lastly, an insurance agent should have great marketing skills which make them more alert about the customer’s requirements and how to make them realize their own needs. A good marketer is not a person who just sells a product, rather, they also should make their customers aware and informed about other options and how these options can be helpful to them in the future. A good insurance agent in Bolingbrook would have all these qualities.

#insurance agent a good insurance agent

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bolingbrooksiding-blog · 6 years

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Step into Spring | Free Local Siding Estimates | (630) 343-7129 | Bolingbrook

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Spring is almost here! Why not plan ahead and get a siding replacement estimate for your home or business? Promar offers free local siding estimates and quality replacement services. Our family owned and operated business has been helping the Bolingbrook community since 2000 and we can't wait to help you invest your hard earned tax return on a worthy home improvement investment! Give us a call today to schedule your free, roof quote at (630) 343-7129. We install and replace all types of siding and gutters in Bolingbrook, IL : Vinyl Siding, Steel Siding, Cedar Siding, Fiber Cement Siding, Composite Siding, Seamless Gutters, and more! Our Website: https://bolingbrookpromarsiding.com/ Why Choose Bolingbrook Promar Siding? • Family Owned and Operated • Licensed, Bonded & Insured Illinois Siding Company • A+ Better Business Bureau Rating • 5 Year Labor Warranty Keep in mind, we do work with insurance agencies on claims, if needed. We are here to take care of you!

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bolingbrookroofing-blog · 6 years

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Step into Spring | Free Local Bolingbrook Roof Estimates | (630) 580-3025

Spring is almost here! Why not plan ahead and get a roof replacement estimate for your home or business? Bolingbrook Promar Roofing offers free local roofing estimates and quality replacement services. Our family owned and operated business has been helping the Bolingbrook community since 2000 and we can't wait to help you invest your hard earned tax return on a worthy home improvement investment! Give us a call today to schedule your free, roof quote at (630) 580-3025. We install roof types in Bolingbrook, Illinois: Flat Roofs, Low Slope Roofs, Asphalt Shingle Roofs, Metal Roofs, Wood Shingles, Tile Roofs, Composition Shingles, Modified Bitumen, Torch Down Roofs, EDPM, Rubber Membrane Roofs, Built Up Roof (BUR), PVC, Roll Roofing, and more! Our Website: http://bolingbrookpromarroofing.com/ Why Choose Bolingbrook Promar Roofing? • Family Owned and Operated • Licensed, Bonded & Insured Illinois Window and Door Company • A+ Better Business Bureau Rating • 5 Year Labor Warranty Keep in mind, we do work with insurance agencies on claims, if needed. We are here to take care of you!

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https://youtu.be/S9vpNXhBMDc

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sktaxes3 · 4 years

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Individual Taxpayers: Year-End Tax Planning Strategies

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020.

General Tax Planning Strategies

General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies:

Investments. Selling any investments on which you have a gain (or loss) this year. For more on this, see Investment Gains and Losses, below.

Year-end bonus. If you anticipate an increase in taxable income this year, in 2020, and are expecting a bonus at year-end, try to get it before December 31.

Contractual bonuses are different, in that they are typically not paid out until the first quarter of the following year. Therefore, any taxes owed on a contractual bonus would not be due until you file your 2021 tax return in 2022. Don't hesitate to call the office if you have any questions about this.

Charitable deductions. Bunching charitable deductions (scroll down to read more about charitable deductions) every other year is also a good strategy if it enables the taxpayer to get over the higher standard deduction threshold under the Tax Cuts and Jobs Act of 2017 (TCJA). Another option is to put money into a donor-advised fund that enables donors to make a charitable contribution and receive an immediate tax deduction. The fund is managed by a public charity on behalf of the donor, who then recommends how the money is distributed over time. Please call if you would like more information about donor-advised funds.

Under the CARES Act of 2020, this year (2020) eligible individuals may take an above-the-line deduction of up to $300 in cash for charitable contributions made to qualified charitable organizations. Cash contributions are those that are paid with cash, check, electronic fund transfer, or payroll deduction. Taxpayers can claim the deduction even if they do not itemize on their 2020 taxes.

Medical expenses. Medical expenses are deductible only to the extent they exceed a certain percentage of adjusted gross income (AGI), therefore, you might pay medical bills in whichever year they would do you the most tax good. To deduct medical and dental expenses in 2020, these amounts must exceed 7.5 percent of AGI. By bunching medical expenses into one year, rather than spreading them out over two years, you have a better chance of exceeding the thresholds, thereby maximizing the deduction.

Deductible expenses such as medical expenses and charitable contributions can be prepaid this year using a credit card. This strategy works because deductions may be taken based on when the expense was charged on the credit card, not when the bill was paid. Likewise, with checks. For example, if you charge a medical expense in December but pay the bill in January, assuming it's an eligible medical expense, it can be taken as a deduction on your 2020 tax return.

Stock options. If your company grants stock options, then you may want to exercise the option or sell stock acquired by exercising an option this year. Use this strategy if you think your tax bracket will be higher in 2021. Generally, exercising this option is a taxable event; the sale of the stock is almost always a taxable event.

Invoices. If you're self-employed, send invoices or bills to clients or customers this year to be paid in full by the end of December; however, make sure you keep an eye on estimated tax requirements. Conversely, if you anticipate a lower income next year, consider deferring sending invoices to next year.

Withholding. If you know you have a set amount of income coming in this year that is not covered by withholding taxes, there is still time to increase your withholding before year-end and avoid or reduce any estimated tax penalty that might otherwise be due.

Avoid the penalty by covering the extra tax in your final estimated tax payment and computing the penalty using the annualized income method.

Accelerating or Deferring Income and Deductions

Strategies that are commonly used to help taxpayers minimize their tax liability include accelerating or deferring income and deductions. Which strategy you use depends on your current tax situation.

Most taxpayers anticipate increased earnings from year to year, whether it's from a job or investments, so this strategy works well. On the flip side, however, if you anticipate a lower income next year or know you will have significant medical bills, you might want to consider deferring income and expenses to the following year.

In cases where tax benefits are phased out over a certain adjusted gross income (AGI) amount, a strategy of accelerating income and deductions might allow you to claim larger deductions, credits, and other tax breaks for 2020, depending on your situation. Roth IRA contributions, child tax credits, higher education tax credits, and deductions for student loan interest are examples of these types of tax benefits.

Accelerating income into 2020 is also a good idea if you anticipate being in a higher tax bracket next year. This is especially true for taxpayers whose earnings are close to threshold amounts that make them liable for the Additional Medicare Tax or Net Investment Income Tax ($200,000 for single filers and $250,000 for married filing jointly). See more about these two topics, below.

Taxpayers close to threshold amounts for the Net Investment Income Tax (3.8 percent of net investment income) should pay close attention to "one-time" income spikes such as those associated with Roth conversions, sale of a home or any other large asset that may be subject to tax.

Examples of accelerating income include:

· Paying an estimated state tax installment in December instead of at the January due date. However, make sure the payment is based on a reasonable estimate of your state tax.

· Paying your entire property tax bill, including installments due in 2021, by year-end. This does not apply to mortgage escrow accounts.

A prepayment of anticipated real property taxes that have not been assessed prior to 2021 is not deductible in 2020.

Under TCJA, the deduction for state and local taxes (SALT) was capped at $10,000. Once a taxpayer reaches this limit the two strategies above are not effective for federal returns.

· Paying 2021 tuition in 2020 to take full advantage of the American Opportunity Tax Credit, an above-the-line tax credit worth up to $2,500 per student that helps cover the cost of tuition, fees, and course materials paid during the taxable year. Forty percent of the credit (up to $1,000) is refundable, which means you can get it even if you owe no tax.

Additional Medicare Tax

Taxpayers whose income exceeds certain threshold amounts ($200,000 single filers and $250,000 married filing jointly) are liable for an additional Medicare tax of 0.9 percent on their tax returns but may request that their employers withhold additional income tax from their pay to be applied against their tax liability when filing their 2020 tax return next April.

As such, high net worth individuals should consider contributing to Roth IRAs and 401(k) because distributions are not subject to the Medicare Tax. Also, if you're a taxpayer who is close to the threshold for the Medicare Tax, it might make sense to switch Roth retirement contributions to a traditional IRA plan, thereby avoiding the 3.8 percent Net Investment Income Tax (NIIT) as well (more about the NIIT below).

Alternate Minimum Tax

The alternative minimum tax (AMT) applies to high-income taxpayers that take advantage of deductions and credits to reduce their taxable income. The AMT ensures that those taxpayers pay at least a minimum amount of tax and was made permanent under the American Taxpayer Relief Act (ATRA) of 2012. Furthermore, the exemption amounts increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA), and the AMT is not expected to affect as many taxpayers. Also, in 2020 the phase-out threshold increased to $518,400 ($1,036,800 for married filing jointly). Both the exemption and threshold amounts are indexed for inflation.

AMT exemption amounts for 2020 are as follows:

· $72,900 for single and head of household filers,

· $113,400 for married people filing jointly and for qualifying widows or widowers,

· $56,700 for married people filing separately.

Charitable Contributions

Property, as well as money, can be donated to a charity. You can generally take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis. While you can also donate your services to charity, you may not deduct the value of these services. You may also be able to deduct charity-related travel expenses and some out-of-pocket expenses, however.

Keep in mind that a written record of your charitable contributions - including travel expenses such as mileage - is required to qualify for a deduction. A donor may not claim a deduction for any contribution of cash, a check, or other monetary gift unless the donor maintains a record of the contribution in the form of either a bank record (such as a canceled check) or written communication from the charity (such as a receipt or a letter) showing the name of the charity, the date of the contribution, and the amount of the contribution.

Contributions of appreciated property (i.e. stock) provide an additional benefit because you avoid paying capital gains on any profit.

In addition to the $300 above the line deduction for taxpayers that don't itemize (see above), taxpayers who do itemize deductions can take advantage of another provision in the CARES Act that allows them to deduct cash donations to public charities in amounts of up to 100 percent of adjusted gross income (AGI) - but only for tax year 2020. In 2019, the limit for the deduction for cash contributions was 60% of AGI.

Qualified charitable distributions (QCDs). Taxpayers who are age 70 1/2 and older can reduce income tax owed on required minimum distributions (RMDs) - a maximum of $100,000 or $200,000 for married couples - from IRA accounts by donating them to a charitable organization(s) instead. Eligible taxpayers can take advantage of QCDs even though the CARES Act eliminated the requirement for required minimum distributions for 2020.

Starting in 2020, the age at which taxpayers are required to take minimum distributions from IRAs, SIMPLE IRAs, SEP IRAs, or other retirement plan accounts was raised to age 72. In prior years, the age was 70 1/2.

Investment Gains and Losses

Investment decisions are often more about managing capital gains than about minimizing taxes. For example, taxpayers below threshold amounts in 2020 might want to take gains; whereas taxpayers above threshold amounts might want to take losses.

Fluctuations in the stock market are commonplace; don't assume that a down market means investment losses as your cost basis may be low if you've held the stock for a long time.

Minimize taxes on investments by judicious matching of gains and losses. Where appropriate, try to avoid short-term capital gains, which are taxed as ordinary income (i.e., the rate is the same as your tax bracket).

In 2020 tax rates on capital gains and dividends remain the same as 2019 rates (0%, 15%, and a top rate of 20%); however, threshold amounts have been adjusted for inflation as follows:

0% - Maximum capital gains tax rate for taxpayers with income up to $40,000 for single filers, $80,000 for married filing jointly.

15% - Capital gains tax rate for taxpayers with income above $40,000 for single filers, $80,000 for married filing jointly.

20% - Capital gains tax rate for taxpayers with income above $441,450 for single filers, $496,600 for married filing jointly.

Where feasible, reduce all capital gains and generate short-term capital losses up to $3,000. As a general rule, if you have a large capital gain this year, consider selling an investment on which you have an accumulated loss. Capital losses up to the amount of your capital gains plus $3,000 per year ($1,500 if married filing separately) can be claimed as a deduction against income.

Wash Sale Rule. After selling securities investment to generate a capital loss, you can repurchase it after 30 days. This is known as the "Wash Rule Sale." If you buy it back within 30 days, the loss will be disallowed. Or you can immediately repurchase a similar (but not the same) investment, e.g., and ETF or another mutual fund with the same objectives as the one you sold.

If you have losses, you might consider selling securities at a gain and then immediately repurchasing them, since the 30-day rule does not apply to gains. That way, your gain will be tax-free; your original investment is restored, and you have a higher cost basis for your new investment (i.e., any future gain will be lower).

Net Investment Income Tax (NIIT)

The Net Investment Income Tax, which went into effect in 2013, is a 3.8 percent tax that is applied to investment income such as long-term capital gains for earners above a certain threshold amount ($200,000 for single filers and $250,000 for married taxpayers filing jointly). Short-term capital gains are subject to ordinary income tax rates as well as the 3.8 percent NIIT. This information is something to think about as you plan your long-term investments. Business income is not considered subject to the NIIT provided the individual business owner materially participates in the business.

Mutual Fund Investments

Before investing in a mutual fund, ask whether a dividend is paid at the end of the year or whether a dividend will be paid early in the following year but be deemed paid this year. The year-end dividend could make a substantial difference in the tax you pay.

Action: You invest $20,000 in a mutual fund in 2019. You opt for automatic reinvestment of dividends, and in late December of 2019, the fund pays a $1,000 dividend on the shares you bought. The $1,000 is automatically reinvested.

Result: You must pay tax on the $1,000 dividend. You will have to take funds from another source to pay that tax because of the automatic reinvestment feature. The mutual fund's long-term capital gains pass through to you as capital gains dividends taxed at long-term rates, however long or short your holding period.

The mutual fund's distributions to you of dividends it receives generally qualify for the same tax relief as long-term capital gains. If the mutual fund passes through its short-term capital gains, these will be reported to you as "ordinary dividends" that don't qualify for relief.

Depending on your financial circumstances, it may or may not be a good idea to buy shares right before the fund goes ex-dividend. For instance, the distribution could be relatively small, with only minor tax consequences. Or the market could be moving up, with share prices expected to be higher after the ex-dividend date. To find out a fund's ex-dividend date, call the fund directly.

Please call if you'd like more information on how dividends paid out by mutual funds affect your taxes this year and next.

Year-End Giving To Reduce Your Potential Estate Tax

The federal gift and estate tax exemption is currently set at $11.58 million but increases to $11.70 million in 2021. The maximum estate tax rate is set at 40 percent.

Gift Tax. Sound estate planning often begins with lifetime gifts to family members. In other words, gifts that reduce the donor's assets subject to future estate tax. Such gifts are often made at year-end, during the holiday season, in ways that qualify for exemption from federal gift tax.

Gifts to a done are exempt from the gift tax for amounts up to $15,000 a year per done in 2020 and remain the same for 2021.

An unused annual exemption doesn't carry over to later years. To make use of the exemption for 2020, you must make your gift by December 31.

Husband-wife joint gifts to any third person are exempt from gift tax for amounts up to $30,000 ($15,000 each). Though what's given may come from either you or your spouse or both of you, both of you must consent to such "split gifts."

Gifts of "future interests," assets that the done can only enjoy at some future period such as certain gifts in trust, generally don't qualify for exemption; however, gifts for the benefit of a minor child can be made to qualify.

If you're considering adopting a plan of lifetime giving to reduce future estate tax, don't hesitate to call the office for assistance.

Cash or publicly traded securities raise the fewest problems. You may choose to give property you expect to increase substantially in value later. Shifting future appreciation to your heirs keeps that value out of your estate. But this can trigger IRS questions about the gift's true value when given.

You may choose to give property that has already appreciated. The idea here is that the done, not you, will realize and pay income tax on future earnings and built-in gain on the sale.

Gift tax returns for 2020 are due the same date as your income tax return (April 15, 2021). Returns are required for gifts over $15,000 (including husband-wife split gifts totaling more than $15,000) and gifts of future interests. Though you are not required to file if your gifts do not exceed $15,000, you might consider filing anyway as a tactical move to block a future IRS challenge about gifts not "adequately disclosed." Please call the office if you're considering making a gift of property whose value isn't unquestionably less than $15,000.

Tax Rate Structure for the Kiddie Tax

The kiddie tax rules changed under the TCJA. For tax years 2018 through 2025, unearned income exceeding $2,200 is taxed at the rates paid by trusts and estates instead of the parent’s tax rate. For ordinary income (amounts over $12,950), the maximum rate is 37 percent. For long-term capital gains and qualified dividends, the maximum rate is 20 percent.

Exception. If the child is under age 19 or under age 24 and a full-time student and both the parent and child meet certain qualifications, then the parent can include the child's income on the parent's tax return.

Other Year-End Moves

Roth Conversions. Converting to a Roth IRA from a traditional IRA would make sense if you've experienced a loss of income (lowering your tax bracket) or your retirement accounts have decreased in value. Please call if you would like more information about Roth conversions.

Maximize Retirement Plan Contributions. If you own an incorporated or unincorporated business, consider setting up a retirement plan if you don't already have one. It doesn't need to be funded until you pay your taxes, but allowable contributions will be deductible on this year's return.

If you are an employee and your employer has a 401(k), contribute the maximum amount ($19,500 for 2020), plus an additional catch-up contribution of $6,500 if age 50 or over, assuming the plan allows this, and income restrictions don't apply.

If you are employed or self-employed with no retirement plan, you can make a deductible contribution of up to $6,000 a year to a traditional IRA (deduction is sometimes allowed even if you have a plan). Further, there is also an additional catch-up contribution of $1,000 if age 50 or over.

Health Savings Accounts. Consider setting up a health savings account (HSA). You can deduct contributions to the account, investment earnings are tax-deferred until withdrawn, and any amounts you withdraw are tax-free when used to pay medical bills.

In effect, medical expenses paid from the account are deductible from the first dollar (unlike the usual rule limiting such deductions to the amount of excess over 10 percent of AGI). For amounts withdrawn at age 65 or later not used for medical bills, the HSA functions much like an IRA.

To be eligible, you must have a high-deductible health plan (HDHP), and only such insurance, subject to numerous exceptions, and you must not be enrolled in Medicare. For 2020, to qualify for the HSA, your minimum deductible in your HDHP must be at least $1,400 for self-only coverage or $2,800 for family coverage.

529 Education Plans. Maximize contributions to 529 plans, which can now be used for elementary and secondary school tuition as well as college or vocational school.

Don't Miss Out.

Implementing these strategies before the end of the year could save you money. If you are ready to save money on your tax bill, please contact the office today.

For More Information Visit: http://www.sknaperville.com/

#Tax planning Services in Naperville #Tax planning Services in Warrenville #Tax planning Services in Lisle #Tax planning Services in Aurora #Tax planning Services in Bolingbrook

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sktaxes3 · 3 years

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Tax Breaks for Families With Children

If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed when you file your 2020 tax return. Let's take a look:

1. Child Tax Credit

Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17. The maximum credit is $2,000 per child. Taxpayers who get less than the full amount of the credit may qualify for the Additional Child Tax Credit (see below). The refundable portion of the credit is $1,400 so that even if taxpayers do not owe any tax, they can still claim the credit. A $500 nonrefundable credit is also available for dependents who do not qualify for the Child Tax Credit (e.g., dependents age 17 and older).

2. Child and Dependent Care Credit

If you pay someone to take care of your dependent to work or look for work, you may qualify for a credit of up to $1,050 or 35 percent of $3,000 of eligible expenses. For two or more qualifying dependents, you can claim up to 35 percent of $6,000 (or $2,100) of eligible expenses. The credit percentage is reduced for higher-income earners but not below 20 percent, regardless of the amount of adjusted gross income. This tax credit is nonrefundable.

Even if you don't have dependent children if you care for an elderly relative and can claim them as a dependent, you might be able to take the Child and Dependent Care Credit. Please call for details.

3. Earned Income Tax Credit

Taxpayers who worked but earned less than $56,844 in 2020 could qualify for this credit, which is worth up to $$6,660 in 2020. Taxpayers may qualify with or without children.

Due to the pandemic, taxpayers can use their 2019 earned income to figure your EITC, if their 2019 earned income was more than their 2020 earned income.

4. Additional Child Tax Credit

This refundable tax credit is for certain individual taxpayers for whom the Child Tax Credit exceeds the amount of income tax owed. The credit is worth $1,400 and may give you a refund even if you do not owe any tax.

Due to the pandemic, taxpayers may be able to use their 2019 earned income to figure this credit if their 2019 earned income is more than your 2020 earned income.

5. Adoption Credit.

It is possible to claim a tax credit for certain costs paid to adopt a child. For details, see Form 8839, Qualified Adoption Expenses.

6. Education Tax Credits

An education credit can help with higher education costs. Two credits are available: the American Opportunity Tax Credit and the Lifetime Learning Credit. These credits may reduce the amount of tax owed. If the credit cuts a taxpayer's tax to less than zero, it could mean a refund. Taxpayers may qualify even if they owe no tax. Complete Form 8863, Education Credits, and file a return to claim these credits.

7. Student Loan Interest

Taxpayers may be able to deduct interest paid on a qualified student loan. They can claim this benefit even if they do not itemize deductions. If you're not sure if the interest you paid on a student or educational loan is deductible, don't hesitate to call.

Questions?

If you have any questions about tax credits and deductions that could benefit your tax situation, please contact the office.

For More Information Visit: http://www.sknaperville.com/firmprofile.php

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futuristicallyrainychopshop · 7 years

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Professional Guidance On Easy Methods For Builder Geelong Australia

The Best Direction For Intelligent Builder Geelong Australia Solutions

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In addition, we provide a personal website for each homeowner so they can follow the progress of their home during construction and can easily use it after they close to communicate any warranty questions. Our multi-tiered, 10-year warranty and dedicated warranty department ensure that your home will be a source of pride on the day you close and in the years to come. At David Weekley, we want to earn your business every day and make you a David Weekley customer for life. Q: How do you ensure my new home will be healthy and eco-friendly? Tamara, Bolingbrook A: We are one of very few builders in Illinois that has earned Environments for Living Platinum level certified. EFL is a third party rating system of rigorous standards and inspections that we do on EVERY home we build. Our fresh air intake system and air balancing techniques keep allergens low and eliminate cooking odors faster. The advanced 2-by 6-foot construction allows for more insulation in your walls and attic, keeping heating and cooling usage low, your home energy efficient, equal comfort level throughout your home, all while still being kind to the environment. As a precautionary measure we also put in Passive Radon Systems because our homeowners are very important to us. We want to make sure that if radon were present in the soil that it would be vented out the path of least resistance through this PVC pipe and out your roof.

A Useful A-z On Reasonable Builder Geelong Australia Secrets

It.pened Network, are both covered by separate “country” classification taxis. Taxes, fees not included the restored pavilion that houses a pleasant restaurant, café and kiosk. Future.rime Minister of Australia James sculling served one term in this seat in the 1910s. 103 It was reclaimed by the services to and from Melbourne, and being at the junction of the Geelong line, Warrnambool V/Line rail service, Western standard gauge line, and the Geelong-Ballarat railway line . 28 Eight passenger railway stations are in the urban area, all along the Warrnambool line and served by V/Line trains. 139 The Geelong line provides passenger services to Melbourne in the off-peak with trains departing Geelong every 20 minutes on weekdays, with more frequent services at peak times. It runs six days a week, with three services to Adelaide and three to Melbourne. 141 Freight trains also operate Jillong, thought to mean “land” or “cliffs”. 5 The area was first surveyed in 1838, three weeks after Melbourne. The council was created in 1993 as an amalgamation of a number of other municipalities in the Division One competition and were the 2005/2006 State Champions. Geelong viewed across curio Bay from playing in the National Premier Leagues Victoria competition. In this same year, Buckley surrendered to the party led by John Felder Wedge and was later pardoned by Lieutenant-Governor Sir George Arthur, and subsequently given the position of interpreter to the natives. 23 Depiction of early Geelong the far side of the bay, claimed the entire area for Britain. Geelong is about one hour from Building was opened in 1879. 1860s: The 'Sleepy Hollow' edit Exhibition Building and Market Square Clock tower in 1879 both since demolished The gold rush had seen Ballarat and Bendigo grow larger than Geelong in terms of population. Geelong has a number of shopping precincts country music station, The Pulse community station, 3GPH radio reading service, and Bay FM adult contemporary. Geelong is also home to the oldest state secondary school in Victoria, Geelong High had been a safe seat for the Liberal Party and its predecessors from the 1930s through the 2000s.

"It's not just about expanding the number of teams but expanding the vision of the game," he said. Foster, who has become the public face of Southern Expansion alongside long-time colleague Les Murray, explained that their bid - which is funded by Chinese property mogul Shen Yuxing - is "committed to the first free football academy for girls and boys in the country". In a wide-ranging presentation, Foster insisted Southern Expansion's prospective A-League and W-League teams will only succeed if significant investment is made in its three member associations - St George Football Association, Sutherland Shire Football Association and Football South Coast. Murray, Foster front southern Sydney A-League bid "So many of the Matildas and the Socceroos, of course, now and historically come from this region," he said. "This is one of the greatest talent bases in the country, as yet without their own professional club pathway. "That's what we're here for. We want to take these kids to the top of the game." Craig Foster Southern Expansion was officially unveiled as an expansion aspirant earlier this month, with Foster and Murray - who make up the bid's steering committee alongside former NSW PCYC CEO Chris Gardiner - insisting they want to be involved in the A-League and W-League. Foster reiterated the bid's commitment to women's football, while also claiming that they would be Australia's "first professional football club to have the means and the ambition to have our own purpose-built football stadium". Bids in Tasmania and Geelong are also planning new stadiums. FFA target new A-League model ahead of expansion The 47-year-old, who is a self-professed "zealot" of Australian football, explained Southern Expansion would benefit its member associations by helping improve football facilities for all levels of the game. "We need them to be strong for us to be strong.

Com Storage Solutions For Your Bay Window Storage Or No Storage - That Is The Final Question On Your Bay Window. Questions To Raise About Rudimentary Products Of Builder Canberra Australia

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sktaxes3 · 3 years

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Renting Out a Second Home

In general, income from renting a vacation home for 15 days or longer must be reported on your tax return on Schedule E, Supplemental Income and Loss. You should also keep in mind that the definition of a "vacation home" is not limited to a house. Apartments, condominiums, mobile homes, and boats are also considered vacation homes in the eyes of the IRS. Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and use the home yourself.

Minimal Rental Use

However,

There is one provision that is not complicated; homeowners who rent out their property for 14 or fewer days a year can pocket the rental income tax-free. In other words, if you live close to a vacation destination such as the beach or mountains, you may be able to make some extra cash by renting out your home (principal residence) when you go on vacation as long as it's two weeks or less. Although you can't take depreciation or deduct for maintenance, you can deduct mortgage interest, property taxes, and casualty losses on Schedule A (1040), Itemized Deductions.

Dividing Expenses Between Rental and Personal Use

A vacation home is considered a residence if personal use exceeds 14 days or more than 10 percent of the total days it is rented to others (if that figure is greater). When you use a vacation home as your residence and also rent it out to others, you must divide the expenses between rental use and personal use. You may not deduct the rental portion of the expenses that are more than the rental income.

Let's say you own a beach house (your "second home") and rent it out during the summer between mid-June and mid-September. You and your family also vacation at the house for one week in October and two weeks in December. The rest of the time, the house is unused.

The family uses the house for 21 days, and it is rented out to others for 121 days for a total of 142 days of use during the year. In this scenario, 85 percent of expenses such as mortgage interest, property taxes, maintenance, utilities, and depreciation can be written off against the rental income listed on Schedule E. As for the remaining 15 percent of expenses, only the owner's mortgage interest and property taxes are deductible on Schedule A.

Tax Reform and Vacation Rentals

Under tax reform, the amount of interest a homeowner can write off is limited to mortgage loan amounts of $750,000 or less for tax years 2018-2025. If you own a second home as well, the two mortgages combined could exceed the $750,000 cap. In addition, property tax deductions (combined with state income taxes) are capped at $10,000.

If you do not rent out your second home, you could be losing out on deductions (taxes and mortgage interest) that lower your taxable income. Therefore, it is prudent to consider renting out your second home as a vacation rental since you would then be able to deduct these expenses and possibly others such as Homeowners Association fees, maintenance expenses, and utilities. Furthermore, you can still use the home 14 days a year (more if you stay there for home maintenance-related activities) and deduct these expenses. Even if you use it more than 14 days a year, you can still deduct these expenses proportional to the amount of rental use.

Net Investment Tax

If you have a rental income, you may be subject to the Net Investment Income Tax (NIIT), a 3.8 percent tax that applies to individuals, estates, and trusts that have net investment income above applicable threshold amounts.

Questions?

Tax laws are complicated. If you have any questions about renting out your second home or any other tax matters, please call.

For More Information Visit: http://www.sknaperville.com/firmprofile.php

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sktaxes3 · 3 years

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Social Security Benefits and Taxes: The Facts

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Examples include wages, self-employment, interest, dividends, and other taxable income that must be reported on your tax return.

Your income and filing status affect whether you must pay taxes on your Social Security. An easy method of determining whether any of your benefits might be taxable is to add one-half of your Social Security benefits to all of your other income, including any tax-exempt interest.

If you receive Social Security benefits you should receive Form SSA-1099, Social Security Benefit Statement, showing the amount.

Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. In 2020, the three base amounts are:

$25,000 - for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separate returns who did not live with their spouse at any time during the year

$32,000 - for married couples filing jointly

$0 - for married persons filing separately who lived together at any time during the year

Taxpayers filing an individual federal tax return:

If your combined income (adjusted gross income + nontaxable interest + 1/2 of your Social Security benefits) is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.

If it is more than $34,000, up to 85 percent of your benefits may be taxable.

Taxpayers filing a joint federal tax return:

If you and your spouse have a combined income ((adjusted gross income + nontaxable interest + 1/2 of your Social Security benefits) that is between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.

If it is more than $44,000, up to 85 percent of your benefits may be taxable.

Married taxpayers filing separate tax returns generally pay taxes on benefits.

State Taxes

Thirteen states tax social security income as well including Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.

Retiring Abroad?

Retirement income is generally not taxed by other countries. As a U.S. citizen retiring abroad who receives Social Security, for instance, you may owe U.S. taxes on that income but may not be liable for tax in the country where you're spending your retirement years.

If Social Security is your only income, then your benefits may not be taxable, and you may not need to file a federal income tax return. However, if you receive income from other sources (either U.S. or country of retirement) as well, from a part-time job or self-employment, for example, you may have to pay U.S. taxes on some of your benefits - the same as if you were still living in the U.S.

You may also be required to report and pay taxes on any income earned in the country where you retired. Each country is different, so consult a local tax professional specializing in expatriate tax services.

Even if you retire abroad, you may still owe state taxes--unless you established residency in a no-tax state before you moved overseas. Also, some states honor the provisions of U.S. tax treaties; however, some states do not. Therefore, it is prudent to consult a tax professional.

If you receive Social Security, a tax professional can help you determine if some - or all - of your benefits are taxable.

For More Information Visit: http://www.sknaperville.com/about.php

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sktaxes3 · 3 years

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What's New for 2020 Tax Returns

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look:

1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began sending the second round of Economic Impact Payments (EIP2) to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act. As with the first round of Economic Impact Payments (EIP1), taxpayers don't need to take any action to receive these payments.

Taxpayers who didn't receive an advance payment should review the eligibility criteria when they file their 2020 taxes because many people, including recent college graduates, may be eligible for a credit.

Taxpayers who received an Economic Impact Payment should have received Notice 1444, Your Economic Impact Payment, and should keep it with their 2020 tax records.

Individuals who received the full amount for both Economic Impact Payments do not need to complete information about the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR because they've already received the full amount of the Recovery Rebate Credit as advance payments.

Eligible individuals who did not receive an Economic Impact Payment – either the first or the second payment – can claim a Recovery Rebate Credit when filing their 2020 Form 1040 or 1040-SR this year. They may be eligible to claim the Recovery Rebate Credit on their tax year 2020 federal income tax return if:

they didn't receive an Economic Impact Payment, or

their Economic Impact Payment was less than the full amount of the Economic Impact Payment for which they were eligible.

2. Option to Use Prior Year Income Amounts. Also new this year is the option to use prior year income amounts (2019) when computing the Earned Income Tax Credit and the Additional Child Tax Credit.

3. Interest on Refunds is Taxable. Taxpayers who received a federal tax refund in 2020 may have been paid interest. Refund interest payments are taxable and must be reported on federal income tax returns. In January 2021, the IRS will send Form 1099-INT, Interest Income to anyone who received interest totaling $10 or more.

4. Charitable Deductions. In 2020, taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. Please note that this amount applies whether filing individual or joint returns. In 2021, this amount increases to $600 for joint filers ($300 for single filers).

5. Virtual Currency. If in 2020, you engaged in a transaction involving virtual currency, you will need to answer the question on page 1 of Form 1040 or 1040-SR. In 2019, this question was on Schedule 1.

6. Form 1099-NEC. Individuals may receive Form 1099-NEC, Nonemployee Compensation, rather than Form 1099-MISC, Miscellaneous Income, if they performed certain services for and received payments from a business in 2020.

Don't hesitate to contact the office with any questions or concerns about these and other tax changes related to the pandemic.

For More Information Visit: http://www.sknaperville.com/about.php

#Indian CPA #Indian CPA Firm in Naperville #Indian CPA Firm in Bolingbrook #Indian CPA Firm in Aurora #Indian CPA Firm in Warrenville #Indian CPA Firm in Lisle #Tax planning Services in Naperville

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sktaxes3 · 3 years

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Tax Filing Season Starts February 12

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

File Electronically for Faster Refunds

Last year's average tax refund was more than $2,500. Once again, the IRS anticipates that nine out of 10 taxpayers will receive their refund within 21 days when filing electronically with direct deposit - and there are no issues with their tax return.

More than 150 million tax returns are expected to be filed this year - the majority before the Thursday, April 15 deadline. To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. To avoid delays in processing, people should avoid filing paper returns wherever possible.

Taxpayers eligible for IRS Free File were able to begin submitting tax returns on January 15, 2021, although the returns will not be transmitted to the IRS until February 12, 2021.

Reminders

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where's My Refund for their personalized refund date.

Key Dates for Taxpayers Filing a Return

Important dates that taxpayers should keep in mind for this year's filing season include:

January 2021

January 15. IRS Free File opens. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12. Tax software companies also are accepting tax filings in advance.

January 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

February 2021

February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

March 2021

First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

April 2021

April 15. Deadline for filing 2020 tax returns.

October 2021

October 15. Deadline to file for those requesting an extension on their 2020 tax returns.

Help is Just a Phone Call Away

Taxes are more complicated than ever. If you have any questions or concerns regarding tax filing this year, don't hesitate to contact the office.

For More Information Visit: http://www.sknaperville.com/about.php

#Indian CPA Firm in Warrenville #Indian CPA #Indian CPA Firm in Lisle #Indian CPA Firm in Naperville #Indian CPA Firm in Aurora #Indian CPA Firm in Bolingbrook #Tax planning Services in Naperville

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sktaxes3 · 4 years

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Small Business: Deductions for Charitable Giving

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know.

1. Verify that the Organization is a Qualified Charity

Once you've identified a charity, you'll need to make sure it is a qualified charitable organization under the IRS. Qualified organizations must meet specific requirements as well as IRS criteria and are often referred to as 501(c)(3) organizations. Note that not all tax-exempt organizations are 501(c)(3) status, however.

There are two ways to verify whether a charity is qualified:

Use the IRS online search tool; or

Ask the charity to send you a copy of their IRS determination letter confirming their exempt status.

2. Make Sure the Deduction is Eligible

Not all deductions are created equal. In order to take the deduction on a tax return, you need to make sure it qualifies. Charitable giving includes the following: cash donations, sponsorship of local charity events, in-kind contributions such as property such as inventory or equipment.

Lobbying. A 501(c)(3) organization may engage in some lobbying, but too much lobbying activity risks the loss of its tax-exempt status. As such, you cannot claim a charitable deduction (or business expense) for amounts paid to an organization if both of the following apply:

The organization conducts lobbying activities on matters of direct financial interest to your business.

A principal purpose of your contribution is to avoid the rules discussed earlier that prohibit a business deduction for lobbying expenses.

Further, if a tax-exempt organization, other than a section 501(c)(3) organization, provides you with a notice on the part of dues that is allocable to nondeductible lobbying and political expenses, you cannot deduct that part of the dues.

3. Understand the Limitations

Sole proprietors, partners in a partnership, or shareholders in an S-corporation may be able to deduct charitable contributions made by their business on Schedule A (Form 1040). Corporations (other than S-corporations) can deduct charitable contributions on their income tax returns, subject to limitations.

Cash payments to an organization, charitable or otherwise, may be deductible as business expenses if the payments are not charitable contributions or gifts and are directly related to your business. Likewise, if the payments are charitable contributions or gifts, you cannot deduct them as business expenses.

Sole Proprietorships. As a sole proprietor (or single-member LLC), you file your business taxes using Schedule C of individual tax form 1040. Your business does not make charitable contributions separately. Charitable contributions are deducted using Schedule A, and you must itemize in order to take the deductions.

Partnerships. Partnerships do not pay income taxes. Rather, the income and expenses (including deductions for charitable contributions) are passed on to the partners on each partner's individual Schedule K-1. If the partnership makes a charitable contribution, then each partner takes a percentage share of the deduction on his or her personal tax return. For example, if the partnership has four equal partners and donates a total of $2,000 to a qualified charitable organization in 2020, each partner can claim a $500 charitable deduction on their 2020 tax return.

A donation of cash or property reduces the value of the partnership. For example, if a partnership donates office equipment to a qualified charity, the office equipment is no longer owned by the partnership, and the total value of the partnership is reduced. Therefore, each partner's share of the total value of the partnership is reduced accordingly.

S-Corporations. S-Corporations are similar to Partnerships, with each shareholder receiving a Schedule K-1 showing the amount of charitable contribution.

C-Corporations. Unlike sole proprietors, partnerships, and S-corporations, C-Corporations are separate entities from their owners. As such, a corporation can make charitable contributions and take deductions for those contributions.

4. Categorize Donations

Each category of donation has its own criteria with regard to whether it's deductible and to what extent. For example, mileage and travel expenses related to services performed for the charitable organization are deductible but the time spent on volunteering your services is not.

Here's another example: As a board member, your duties may include hosting fundraising events. While the time you spend as a board member is not deductible, expenses related to hosting the fundraiser such as stationery for invitations and telephone costs related to the event are deductible.

Generally, you can deduct up to 50 percent of adjusted gross income. Non-cash donations of more than $500 require completion of Form 8283, which is attached to your tax return. In addition, contributions are only deductible in the tax year in which they're made.

5. Keep Good Records

The types of records you must keep vary according to the type of donation (cash, non-cash, out of pocket expenses when donating your services) and the importance of keeping good records cannot be overstated.

Ask for - and make sure you receive - a letter from any organizations stating that said organization received a contribution from your business. You should also keep canceled checks, bank and credit card statements, and payroll deduction records as proof or your donation. Furthermore, the IRS requires proof of payment and an acknowledgment letter for donations of $250 or more.

Questions about charitable donations? Help is just a phone call away.

For More Information Visit: http://www.sknaperville.com/

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sktaxes3 · 4 years

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Working Remotely Could Affect Your Taxes

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states.

Generally, states can tax income whether you live there or work there. Whether a taxpayer must include taxable income while living or working in a particular jurisdiction depends on several factors, including nexus, domicile, and residency.

Many states - especially those with large metro areas where much of the workforce resides in surrounding states - have agreements in place that allow credits for tax due in another state so that you aren't taxed twice. In metro Washington, DC, for example, payroll tax withholding is based on the state of residency allowing people to work in another state without causing a tax headache. Other states such as Arkansas, Connecticut, Delaware, Massachusetts, Nebraska, New York, and Pennsylvania tax workers based on job location even if they reside in a different state.

Remote Working in Multiple Locations

Let's say you live in Florida. During the pandemic a mandatory office closure allows you to work remotely from your vacation home in North Carolina - a state that is not your domicile (i.e., your home). Next spring, you will need to file a nonresident income tax return on income earned in North Carolina (your remote work location, but not your domicile) in addition to your usual tax returns.

However, in all the pandemic confusion, it's likely that your employer may not have known you were working remotely from NC and did not withhold tax from your pay (income earned). If that's the case, then you may owe money.

Here's why:

If the tax rate in the remote location is higher than the taxpayer's home state or the home state doesn't impose income tax but the state they are working from does, the tax credit in the worker's home state may not be enough to offset all - or any - tax owed.

During the pandemic, 13 states have agreed not to tax workers who temporarily moved there because of the pandemic including Alabama, Georgia, Illinois, Indiana, Massachusetts, Maryland, Minnesota, Mississippi, Nebraska, New Jersey, Pennsylvania, Rhode Island, and South Carolina.

Keep in mind, however, that these waivers are temporary and in some cases may only in effect during a mandated government shutdown. South Carolina's waiver, for instance, expired on September 30, 2020, but was extended through December 31, 2020.

Necessity or Convenience

Another important factor to consider is whether a worker's remote work location is due to necessity or convenience. If there is a mandatory government shutdown, then it is a necessity. If the option to go back to the office exists, but the worker chooses not to because of health concerns, then the state could view it as convenience.

Keeping Good Records

Keeping good records is always important when it comes to your taxes, but even more so when there are so many unknowns. As such, it's a good idea to keep track of how many days were worked in each state and how much money was earned.

Help is Just a Phone Call Away

Tax laws are complex even during the best of times. If you've been working remotely during the pandemic in a different location than your office, then it pays to consult with a tax and accounting professional to figure out your tax liability and recommend a course of action to lower your tax bill such as changing your withholding.

For More Information Visit: http://www.sknaperville.com/

#Accounting Firm in Bolingbrook #Tax planning Services in Lisle #Accounting Firm in Warrenville #Tax planning Services in Naperville

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sktaxes3 · 4 years

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Individual Taxpayers: Recap for 2020

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020.

Personal Exemptions

Personal exemptions are eliminated for tax years 2018 through 2025.

Standard Deductions

The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing separately, it is $12,400, and for heads of household, the deduction is $18,650.

The additional standard deduction for blind people and senior citizens in 2020 is $1,300 for married individuals and $1,650 for singles and heads of household.

Income Tax Rates

In 2020 the top tax rate of 37 percent affects individuals whose income exceeds $523,600 ($628,300 for married taxpayers filing a joint return). Marginal tax rates for 2020 are as follows: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As a reminder, while the tax rate structure remained similar to prior years under tax reform (i.e., with seven tax brackets), the tax-bracket thresholds increased significantly for each filing status.

Estate and Gift Taxes

In 2020 there is an exemption of $11.58 million per individual for estate, gift, and generation-skipping taxes, with a top tax rate of 40 percent. The annual exclusion for gifts is $15,000.

Alternative Minimum Tax (AMT)

For 2020, exemption amounts increased to $72,900 for single and head of household filers, $113,400 for married people filing jointly and for qualifying widows or widowers, and $56,700 for married taxpayers filing separately.

Pease and PEP (Personal Exemption Phaseout)

Both Pease (limitations on itemized deductions) and PEP (personal exemption phase-out) have been eliminated under TCJA.

Flexible Spending Account (FSA)

A Flexible Spending Account (FSA) is limited to $2,750 per year in 2020 (up from $2,700 in 2019) and applies only to salary reduction contributions under a health FSA. The term "taxable year" as it applies to FSAs refers to the plan year of the cafeteria plan, which is typically the period during which salary reduction elections are made.

Long-Term Capital Gains

In 2020 tax rates on capital gains and dividends remain the same as 2019 rates (0%, 15%, and a top rate of 20%); however, taxpayers should be reminded that threshold amounts don't correspond to the tax bracket rate structure as they have in the past. For example, taxpayers whose income is below $40,000 for single filers and $80,000 for married filing jointly pay 0% capital gains tax. For individuals whose income is at or above $441,450 ($496,600 married filing jointly), the rate for both capital gains and dividends is capped at 20 percent.

Miscellaneous Deductions

Miscellaneous deductions that exceed 2 percent of AGI (adjusted gross income) are eliminated for tax years 2018 through 2025. As such, you can no longer deduct on Schedule A expenses related to tax preparation, moving (except for members of the Armed Forces on active duty who move because of a military order), job hunting, or unreimbursed employee expenses such as tools, supplies, required uniforms, travel, and mileage.

Business owners are not affected and can still deduct business-related expenses on Schedule C.

Individuals - Tax Credits

Adoption Credit

In 2020 a nonrefundable (i.e., only those with tax liability will benefit) credit of up to $14,300 is available for qualified adoption expenses for each eligible child.

Child and Dependent Care Credit

The Child and Dependent Care Tax Credit was permanently extended for taxable years starting in 2013 and remained under tax reform. As such, if you pay someone to take care of your dependent (defined as being under the age of 13 at the end of the tax year or incapable of self-care) in order to work or look for work, you may qualify for a credit of up to $1,050 or 35 percent of $3,000 of eligible expenses.

For two or more qualifying dependents, you can claim up to 35 percent of $6,000 (or $2,100) of eligible expenses. For higher-income earners, the credit percentage is reduced, but not below 20 percent, regardless of the amount of adjusted gross income.

Child Tax Credit and Credit for Other Dependents

For tax years 2018 through 2025, the Child Tax Credit increases to $2,000 per child. The refundable portion of the credit increases from $1,000 to $1,400 - 15 percent of earned income above $2,500, up to a maximum of $1,400 - so that even if taxpayers do not owe any tax, they can still claim the credit. Please note, however, that the refundable portion of the credit (also known as the additional child tax credit) applies higher-income when the taxpayer isn't able to fully use the $2,000 nonrefundable credit to offset their tax liability.

Under TCJA, a new tax credit - Credit for Other Dependents - is also available for dependents who do not qualify for the Child Tax Credit. The $500 credit is nonrefundable and covers children older than age 17 as well as parents or other qualifying relatives supported by a taxpayer.

Earned Income Tax Credit (EITC)

For tax year 2020, the maximum earned income tax credit (EITC) for low and moderate-income workers and working families increased to $6,660 (up from $6,557 in 2019). The maximum income limit for the EITC increased to $56,844 (up from $55,952 in 2019) for married filing jointly. The credit varies by family size, filing status, and other factors, with the maximum credit going to joint filers with three or more qualifying children.

Individuals - Education Expenses

Coverdell Education Savings Account

You can contribute up to $2,000 a year to Coverdell savings accounts in 2020. These accounts can be used to offset the cost of elementary and secondary education, as well as post-secondary education.

American Opportunity Tax Credit

For 2020, the maximum American Opportunity Tax Credit that can be used to offset certain higher education expenses is $2,500 per student, although it is phased out beginning at $160,000 adjusted gross income for joint filers and $80,000 for other filers.

Lifetime Learning Credit

A credit of up to $2,000 is available for an unlimited number of years for certain costs of post-secondary or graduate courses or courses to acquire or improve your job skills. For 2020, the modified adjusted gross income (MAGI) threshold at which the Lifetime Learning Credit begins to phase out is $114,000 for joint filers and $57,000 for singles and heads of household. The credit cannot be claimed if your MAGI is $67,000 or more ($134,000 for joint returns)

Employer-Provided Educational Assistance

As an employee in 2020, you can exclude up to $5,250 of qualifying postsecondary and graduate education expenses that are reimbursed by your employer.

Student Loan Interest

In 2020, you can deduct up to $2,500 in student-loan interest as long as your modified adjusted gross income is less than $65,000 (single) or $135,000 (married filing jointly). The deduction is phased out at higher income levels.

Individuals – Retirement

Contribution Limits

For 2020, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is $19,500 ($19,000 in 2019). For persons age 50 or older in 2020, the limit is $26,000 ($6,500 catch-up contribution).

Retirement Savings Contributions Credit (Saver's Credit)

In 2020, the adjusted gross income limit for the saver's credit for low and moderate-income workers is $65,000 for married couples filing jointly, $48,750 for heads of household, and $32,500 for married individuals filing separately and for singles. The maximum credit amount is $2,000 ($4,000 if married filing jointly). As a reminder, starting in 2018, the Saver's Credit can be taken for your contributions to an ABLE (Achieving a Better Life Experience) account if you're the designated beneficiary. However, keep in mind that your eligible contributions may be reduced by any recent distributions you received from your ABLE account.

If you have any questions about these and other tax provisions that could affect your tax situation, don't hesitate to call.

For More Information Visit: http://www.sknaperville.com/

#Tax planning Services in Naperville #Tax planning Services Bolingbrook Tax planning Services Lisle Tax planning Services Warrenville Tax planning Services Aurora

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