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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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December 30, 2021   |   2021
Year End Tax Savings. . . for 2021

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  The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for Year End Tax Savings. . . for 2021

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December 9, 2021   |   2021
Facts & Figures 2021 Tax year & Some For Tax Year 2022

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  Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete: The numbers and limits for 2021 tax season: FACTS & FIGURES, TBA=To be announced                                          Tax Year 2021                 2022 Social Security COLA                                                                                             1.3%                           5.9% Part B premium- income < $85,000                                                                 Facts & Figures 2021 Tax year & Some For Tax Year 2022

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September 16, 2020   |   2020
Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

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The other day someone affected by the COVID related business slowdown asked,  . . .”I have bills to pay, heard something on the news about the CARES Act allowing a penalty free (NOT TAX FREE)  retirement account distribution. What is the “penalty”? Do I qualify for a penalty free distribution? How to determine the taxes Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

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September 10, 2019   |   0
Retirement Withdraw for Home Downpayment is Tax Free? Right?

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Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as Retirement Withdraw for Home Downpayment is Tax Free? Right?

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