Final Regulations Clarify IRC Section 199A

The IRS recently published final regulations regarding Section 199A of the IRC. That section, created by the Tax Cuts and Jobs Act of 2017, offers a 20% deduction for qualified business income (QBI). This deduction may be available to non-C-corporation taxpayers such as sole proprietors, business partners, certain LLC members, […]


Tax Calendar: May and June 2019

MAY 2019 May 10           Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the first quarter of 2019. This due date applies only if you deposited the tax for the quarter in full and on time.   May 15 Employers. For Social Security, Medicare, withheld income […]


A Tax Break to Help Working Caregivers Pay for Day Care

Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability, but there is a tax credit available to help working caregivers defray the costs of day care (called “adult day care” in the case of the […]


How to Deal With Student Loan Debt as You Age

The number of older Americans with student loan debt – either theirs or someone else’s – is growing. Learning how to deal with this debt is now a fact of life for many seniors heading into retirement. According to a study by the Consumer Financial Protection Bureau, the number of older borrowers increased by […]


How Parents Can Provide for a Caregiver Child

Taking care of a parent can be a full-time job. Children may have to give up paying jobs in order to provide care to aging parents. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of caregiving may do so in […]


The Standard Deduction’s Double Standard

The 2019 “tax season,” during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased significantly, and fewer people are claiming itemized deductions, which have been restricted. These changes result […]


Homeowner’s Insurance Protects a Prime Asset

From coast to coast, hurricanes and wildfires and other natural disasters have created headlines while destroying homes. Your principal residence is probably a valuable asset, so you should be confident your homeowner’s insurance can protect you against multiple perils. Chances are, your first experience with homeowner’s coverage probably coincided with […]


Roth Solo 401(k)s for (very) Small Businesses

The Tax Cuts and Jobs Act (TCJA) of 2017 was not officially focused on retirement planning, but it has had a major impact on the choice of retirement plans. After-tax plans, known as Roth accounts, may be more practical now. That can be especially true regarding solo 401(k)s, which are […]


Tax Calendar: April and May 2019

APRIL 2019 April 15 Individuals. File a 2018 income tax return and pay any tax due by April 15 (if you live in Maine or Massachusetts, the filing deadline is April 17). If you want an automatic six-month extension of time to file the return, file Form 4868, “Application for […]