San Diego VIP Tax Service
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General Information
Locality: San Diego, California
Phone: (858) 717-8020
Address: 9655 Granite Ridge Dr # 200 92123 San Diego, CA, US
Website: www.sandiegoviptax.com
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Estate tax faces some taxpayer-unfriendly changes: the potential of a reduced federal estate and gift tax lifetime exclusion, the possible elimination of stepped-up basis for inherited property, and the potential for the special capital gains rates to be eliminated. Taxpayers with substantial estates should follow future developments closely.
Beginning in 2020 the starting age for required minimum distributions (RMDs) has changed.
Because people are living longer now than ever before, many individuals are funding in-home care or serving as care providers for loved ones (such as parents or spouses) who cannot live independently. For these individuals, the cost of such care may be deductible as a medical expense.
Tax Accounting Humor Friday
The repeal of the age limit for traditional IRA contributions, coupled with the provision to make IRA-to-charity transfers (qualified charitable distributions), has caused Congress to adjust the non-taxability of charity transfers if a deductible traditional IRA contribution is made.
Wednesday Wisdom
Thanks to the last-minute changes tacked onto the Appropriations Act of 2020, you can now, beginning in 2020, make Traditional IRA contributions at any age and are no longer prevented from making contributions once you reach age 70 1/2. You are still required to have earned income, however.
If you took a retirement plan or IRA distribution after 2019 to help pay for the costs of childbirth or adoption, Congress has added an early distribution penalty exception that you may qualify for.
Nobody likes getting mail from the IRS - especially when it's something you weren't expecting. Watch the video to learn more to do next if you received an IRS deficiency notice.
Congress has retroactively changed how some children's taxes are figured by reverting to the method used prior to 2018 and allowing 2018 returns to be amended for refund if the prior method produces a lower tax.