The IRS has increased the amount of income taxpayers can deduct in 2019 if they’ve purchased long-term care insurance.
“Qualified” long-term care insurance premiums are tax deducible as long as they – along with other unreimbursed medical costs – do not exceed a certain amount of your adjusted gross income.
In the last two years, that amount was 7.5 percent of AGI, but the number has jumped to 10 percent in 2019.
Continue Reading IRS Issues New Long-Term Care Deductibility Rules for 2019
Signed into law late in 2017, the Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent.
Proponents of the law say it will stimulate the economy and create jobs, but how does it actually affect you? We should also note that everything we describe below will end after 2025, assuming legislators don’t vote to extend the cuts.
Continue Reading How Will the New Tax Law Affect You?
After remaining unchanged for five years, the amount you can give away to an individual in a single year without reporting the gift on your taxes has increased in 2018.
Continue Reading 2018 Gift Tax Exclusion: You Can Give Away More Tax Free