New charitable contribution rules

NEW CHARITABLE CONTRIBUTION RULES Nonitemizers can claim a deduction The CARES Act makes two significant changes to the rules governing charitable deductions for individuals. Individuals will be able to claim a $300 above-the- line deduction for cash contributions made to public charities in 2020. This rule effectively allows a limited charitable deduction to any taxpayer…

Economic impact payments

ECONOMIC IMPACT PAYMENTS How will they affect your 2020 return? As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the IRS made economic impact payments (EIPs) to certain taxpayers. The eligibility for and the amount of an EIP generally depended on the taxpayer’s 2019 federal income tax return. If one wasn’t…

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Obama care for Tax Year 2014

The coming affordable healthcare act penalty Open Enrollment at the website www.healthcare.gov starts tomorrow. This year it will be open from November 15, 2014 Until February 15, 2015 for health care coverage in 2015. This is the second year that the so called “marketplace” is open to the public for purchasing health insurance. Regardless of…