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Philip L. Liberatore, CPA Blog

Congress Passes Last-minute Tax Changes

Article Highlights: Discharge of Qualified Principal Residence Indebtedness Mortgage Insurance Premiums Above-the-Line Deduction for Qualified Tuition and Related Expenses Medical AGI Limits Residential Energy (Efficient) Property Credit Employer Credit for Paid Family and Medical Leave Maximum Age Limit for Traditional IRA Contributions Penalty-Free Pension Withdrawals in Case of Childbirth or Adoption Increase in Age...

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California Bill AB 1482 – Tenant Protection Act of 2019

We aim to keep you up-to-date on the ever-changing legislative landscape. Earlier this year, Governor Gavin Newsom signed the bill into law California Bill AB 1482, also known as the Tenant Protection Act of 2019. This new law will limit rent increases across the state of California to 5% per year plus the local rate … Continue...

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Understanding Your Annual Social Security Letter

Article Highlights: Medicare B Premiums Medicare D Premiums Modified AGI 2020 Premiums Table Effect of Recreational Gambling Appealing the Social Security Administration’s Decision If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased … Read More

How to Cut Your Tax Bill in the Final Weeks of 2019

The main goal of any year-end strategy is to increase the number of tax credits and deductions you can claim, while lowering the amount of income that is subject to tax. Here are some last-minute strategies to cut your tax bill that will come due in April. Maximize the Small Business Tax Break If you’re … Continue reading...

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Tips to Avoid 2019 Tax Penalties

Article Highlights: Underpayment Penalties Withholding Under-distribution Penalty Required Minimum Distributions IRA-to-Charity Distributions The holiday season is upon us, complete with family gatherings, over-indulging in food and beverages, and gift shopping and giving, and the last thing most of us want to think about right now is what faces us after the New Year is rung … Read More

Finalized Employee’s Withholding Certificate 2020

The IRS on Dec. 5 released a significantly revised Form W-4 for employees’ use when calculating their 2020 federal income tax withholding. The finalized form follows a draft version the IRS issued in May seeking comments from tax preparers and payroll companies. For the 2019 tax year, there are no withholding allowances, and “allowances” was removed from … Read More

Tax Benefits for Holiday Family Employment

Article Highlights: Employing a Child Child Payroll Taxes FUTA Tax for a Child Child IRA Contributions Child Tax-Free Income Spouses Working in the Same Business Partnership Spousal Joint Venture Spouse Employee Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having … Read More

Helpful Tax Tips For 2019

Article Highlights: Education Credit Avoiding Underpayment Penalties Strategy Spouse IRA Strategy Qualified Charitable Distributions Medical Expenses Election to Deduct Start-Up Costs State and Local Tax (SALT) Deductions Electric Car Credit Alimony Heath Insurance Penalty Cryptocurrency Transactions Qualified Opportunity Funds Solar Credit As the year draws to a close, we have pulled together a number of … Read More

Tax Benefits for People With Disabilities

Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially … Read More

Take Tax Advantage of a Low-Income Year

Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who … Read More