Sweeney Kovar LLP

As the Economic Impact Payments (EIPs) continue to go out, the IRS has released information about why you might not have gotten a payment. There’s also a new tool to check the status of your EIP. Click the following to link to read more on our website: https://bit.ly/3f1dEPa

When you file your tax return, you do so with one of five filing statuses. It’s possible that more than one status will apply. The box checked on your return generally depends in part on whether you’re unmarried or married on December 31. Here are the filing statuses: Single, married filing jointly, married filing separately, head of household and qualifying widow(er) with a dependent child. Head of household status can be more favorable than filing as a single person, but special rules apply. You must generally be unmarried, have a qualifying child (or dependent relative) and meet certain rules involving maintaining a household. If you have questions about your filing status, contact us.

Does your employer offer a 401(k) or Roth 401(k) plan? Contributing to it is a taxwise way to build a nest egg. If you’re not already socking away the maximum allowed, consider increasing your contribution between now and year end. With a 401(k), an employee elects to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. The contribution limit for 2019 is $19,000. Employees age 50 or older by year end are also permitted to make additional catch-up contributions of $6,000, for a total limit of $25,000 in 2019. The IRS just announced that the 401(k) contribution limit for 2020 will increase to $19,500 (plus the $6,500 catch-up contribution).

Did you know that when a child turns 18, not even their parents can automatically make decisions for them if something happens or even talk with their university? Here are a few estate planning documents for college kids. #estateplanning #wealth #thoughtfulplanning #valuebasedplanning #comprehensiveplanning #incapacityplanning