Monthly Archives: October 2020

Article Highlights: Itemized DeductionAGI LimitationsWhat Insurance is DeductibleAbove-the-Line Deduction for the Self-EmployedIncome LimitationSubsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions [...]

Article Highlights: Unemployment Benefits TaxabilityTo Skip or Not Skip the 2020 Required Minimum DistributionSpecial Charitable Giving OpportunitiesDivorced or Separated Planning IssuesPotential State Health Insurance PenaltiesDealing with Disaster Losses in 2020Retroactive Kiddie Tax Rules – Amended OpportunityRetroactive Tax Benefits May Provide Refunds Preparing for Home Sale ReportingAvoiding Underpayment PenaltiesRetroactive Bonus Depreciation OpportunitiesNew NOL Carryback OpportunitiesComplying with Reasonable [...]