Tax Archives | Wegner CPAs

Why you should keep life insurance out of your estate

Posted by: Vicki Gramse 1 week ago

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your taxable estate if either: Your estate is the beneficiary of the insurance proceeds, orY...

The 2019 gift tax return deadline is coming up

Posted by: Mike Scholz 2 weeks ago

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file a gift tax return for 2019 if, during the tax year, you made gifts: That exceeded the $15,00...

The complex world of selling mutual fund shares

Posted by: Sara Brown 1 month ago

Are you an investor in mutual funds or have you recently been thinking of putting some money into them? You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. The current number of individual investors is estimated at around 100.0 million. Despite their rising popularity, the tax rules involved in selling mutual fund sha...

Businesses Still Subject to the “Parking Lot” Tax

Posted by: Mike Scholz 2 months ago

One of the changes made to the tax laws by the Tax Cuts and Jobs Act (TCJA) was to disallow a tax deduction for qualified transportation fringe benefits businesses provide to their employees. This nondeductible expense has been dubbed the “Parking Lot Tax”. Items subject to disallowance as a Qualified Transportation Fringe benefits (QTFs) include: Parking expensesCommuter vehicle transport...

Setting Every Community Up for Retirement Enhancement Act (SECURE Act) – Key provisions affecting individuals

Posted by: Katy Mering 3 months ago

Download a pdf of the articleDownload Congress recently passed - and the President signed into law - the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at some of the more important elements...

Two Key Changes affecting Retirement Plans in 2020

Posted by: Jessica Grant 3 months ago

On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law. This law made a lot of positive changes in IRAs and retirement plans. Below are a couple key tax law provisions impacting retirement plans effective as of January 1, 2020 New Plans Can be Adopted AFTER the Close of Year Under the old rule, for a qualifie...

Have an IRA? Pay attention to these new tax law provisions

Posted by: Jessica Grant 3 months ago

On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law. This law made a lot of positive changes in IRAs and retirement plans. Below is a summary of the major items that you may want to consider when discussing your taxes with your tax adviser between now and April 15th, 2020. The following changes are effective as of Janu...

Variety of tax provisions included in law passed over the holidays

Posted by: Collin Alexander 3 months ago

The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019, and includes a variety of provisions that provided tax relief to businesses and employers. The new law includes an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired. Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Rel...

President Trump signs Act providing favorable tax provisions for 2020

Posted by: Chris Bell 3 months ago

In the spirit of giving during the holiday season, a package of tax provisions passed by Congress could be significant for some taxpayers. The Further Consolidated Appropriations Act of 2020 was signed into law by President Trump on December 20th, 2019. While the primary purpose of the bill is to appropriate federal budget among various departments and programs for 2020, the Act also includes several tax l...

Are you working a part-time “gig” job? Don’t forget about your tax obligations!

Posted by: Cheryl Wittmann 3 months ago

Do you receive income from one of the online platforms offering goods and services (e.g., Uber, Lyft, Airbnb or DoorDash)? Keep in mind there are tax consequences for the people who perform these and other side jobs. If you receive income from a “gig” or other sharing economy jobs, it’s almost ALWAYS taxable. Even if you don’t receive a Form 1099 or W-2 reporting the amount of mon...

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