Aug 6, 2021
Let’s talk about the premium tax credit … the Obamacare subsidy available to eligible individuals who buy health insurance through an exchange. Temporary easings in the March stimulus law hike the credit amount and let more people qualify. Who is eligible...
Jul 23, 2021
We always appreciate questions from readers. It helps us to know what topics you are interested in. Here are recent queries and our answers. I inherited an IRA from my aunt last year. When must I take distributions from it? You have 10 years from your aunt’s...
Jul 9, 2021
Let’s discuss the taxation of capital gains, in light of the president’s proposal to impose more taxes on the rich, including higher tax rates on their gains. Long-term capital gains get favorable rates. Profits from the sale or exchange of capital assets...
Jun 25, 2021
Thinking about your tax plans for this year? Keep in mind this popular tax write-off: The 20% qualified business income deduction. Self-employed people, farmers, and individual owners of pass-through entities, such as partnerships, LLCs, S corporations and certain...
Jun 11, 2021
Readers are intensely interested in IRAs. One topic that comes up the most lately, judging by the number of questions we receive: Required minimum distributions. RMDs are back, after being halted last year. Folks 72 and older must take annual RMDs from traditional...
May 28, 2021
Revenue lost from tax cheating is huge. $441 billion fell through the cracks yearly from 2011 through 2013, per an IRS calculation last done in 2019. Of that, IRS recouped $60 billion through audits, leaving a net tax gap of $381 billion. The Treasury Dept. says the...