• Posted: February 16, 2020 I By: Derric Isensee, CPA
  • Tax Strategies  |  Financial Planning  |  

2018 Tax Savings Resurrected: Tax Extenders Approved

On December 20, 2019, President Trump signed into law, two pieces of legislation that extended government funding and dealt with several of the tax extender provisions. These tax extender provisions were largely ignored and left on the shelf when the President signed the Tax Cuts and Jobs Act in 2017. However, with the passing of this 2019 legislation, these provisions were “re-activiated” effective January of 2019 (through 2020) with the ability for these provisions to be carried back to 2018. This essentially means that this legislation has resurrected a bunch of previously expired federal income tax breaks that can now be claimed for 2018. If you qualify for any of the below “resurrected” tax breaks, you may need to consider amending your 2018 tax return to take advantage of these savings.
  • Posted: February 12, 2020 | By: Derric Isensee, CPA
  • Tax Strategies  |  Financial Planning  |  

SECURE Act: Big Changes for Retirees

On December 20, 2019, the President signed into law—the SECURE (“Setting Every Community Up for Retirement Enhancement”) 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.
  • Posted: March 27, 2020 | By: Derric Isensee, CPA

House Passes "Cares Act": What the Small Business Owner Must Know

The Coronavirus Aid, Relief, and Economic Security (“CARES Act”), a $2 trillion emergency bill that Congress has prepared in response to the Coronavirus (COVID-19) pandemic, was passed by the Senate on March 25, 2020, was passed by the House today, March 27, 2020 and President Trump is expected to sign with little delay. Many of the provisions of this bill provide financial relief to both individuals and small business. A summary of these provisions is being provided below in order to ensure you are informed on the progress of this bill of how these provisions may impact you as an individual and a small business owner.