A new piece of legislation enacted in late December will help simplify the retirement system and help individuals increase their savings.
The “Setting Every Community Up for Retirement Enhancement” Act or SECURE Act, which was part of the Further Consolidated Appropriations Act of 2020 expands opportunities for individuals to increase their savings, and makes administrative simplifications to the retirement system.
Among the major changes for individuals are:
Zinner & Co. is pleased to sponsor and support our long-time client, The Cleveland Play House, and their 20th Annual Festival of Trees.
The Festival is located in the Allen Theatre Lobby and features over 30 holiday trees decorated and sponsored by leading artists, designers and community organizations. In addition to the tree displays, the festival will feature live choral performances and free photos with Santa.
The IRS has announced that the contribution limits for Flexible Spending Accounts (FSA) contribution limits have been increased to $2750 for the plan year beginning 2020.
The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.
For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.
Margin tax rates will change as follows:
Q: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
A: As you are probably aware, a 1031 Exchange refers to a provision in the U.S. tax code, which allows real estate investors to sell or dispose of a piece of real property and purchase another piece of “like-kind” property without incurring any short-term tax consequences. But what does like-kind mean?
Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions.
As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:
For over 7 years, Zinner & Co. has committed to support the mission of client, Michelle’s Wish Foundation. As part of its quarterly commitment to support the local community through charitable giving, Zinner & Co. employees will be donating cash and non-perishable food items to the Foundation’s 2019 “Thanksgiving Baskets” Project. Donations will be used to distribute food baskets to local families in need.
Zinner & Co. is pleased to continue its support and sponsorship of the Magic of LightsTM, being held at the Cuyahoga County Fairgrounds in Berea, Ohio from November 27, 2019 through January 4, 2020.
Magic of LightsTM has become a yearly tradition for many Northeast Ohio families who marvel at thousands of decorative displays and interactive holiday lights. There are also fun activities for all ages, such as the Jolly Holiday Village, which is an exciting experience where guests can exit their cars to take photos with Santa, decorate snowmen, watch classic holiday movies, play games, enjoy hot chocolate and other seasonal treats, and much more!
The IRS has released the retirement contribution limits for the 2020 tax year. The new limits are adjusted based on increases in the cost of living.
It’s the 4th quarter. The holidays are right around the corner. The last thing you may want to think about is income taxes … but there are some compelling reasons why you should be thinking ahead.
Last year’s tax season saw the biggest change to the tax code in over 30 years. At the end of the tax season, we noted that one of the lessons learned was that individuals who engage us in tax planning early, on average, fared much better than those who did not. There are some very important reasons for this:
