Article Highlights: Shared-Responsibility Payment Originated in 2014Fully Effective in 2016How It Is CalculatedEliminated in 2019 Note: This one of a series of articles that explain how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family—both in … [Read more...] about Not-Being-Insured Penalty Eliminated
Personal Tax
You May Not Get a Tax Refund Next Year
Article Highlights: Payroll WithholdingW-4 2018 Tax ProjectionAdjusting Withholding With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax … [Read more...] about You May Not Get a Tax Refund Next Year
Tax Reform Adds Education Benefit
Article Highlights: Tax Benefits Types of Tax-advantaged Education Savings PlansDifferences in Permitted ContributionsDifferences in Qualified EducationNew $10,000 Allowance Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of … [Read more...] about Tax Reform Adds Education Benefit
Minimizing Tax on Social Security Benefits
Article Highlights: Income as a FactorFiling Status as a FactorBenefits Taxable up to 85%Base AmountsDeferring IncomeMaximizing IRA Distributions How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this … [Read more...] about Minimizing Tax on Social Security Benefits
Tax Reform Changes How Alimony Is Treated
Article Highlights: What Is Alimony?Decrees before 2019Decrees after 2018 Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and in future years. This series offers strategies … [Read more...] about Tax Reform Changes How Alimony Is Treated