Top quality tax services providers in Houston, Texas? Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.
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The maximum amount of wages garnished varies depending on the garnishment, but they range from 15 percent of disposable earnings for student loans to as much as 65 percent of disposable earnings for child support (if the employee is at least 12 weeks in arrears). In states that have enacted laws differing from federal wage garnishment requirements, employers must comply with state laws demanding a lesser garnishment. And because state laws differ (North Carolina, South Carolina, Pennsylvania, and Texas generally prohibit wage garnishment for consumer debts altogether), employers should ascertain what’s required of them by state law before proceeding with garnishment. No matter how high the debt, employees will always be allowed to keep a certain percentage of their paycheck for general living expenses.
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Review Tax Filings From Previous Years: For most people, the changes from one tax year to the next are relatively slight. Previous tax returns are excellent reminders of areas you can easily overlook, such as interest or dividends, capital loss carry-forward balances, and infrequently used deductions. I keep paper copies as well as scanned copies of past years’ returns, in addition to four spreadsheets detailing my income and expenses for each year. One spreadsheet contains the information from Form 1040, while the others have previously filed data for Schedules A, C, and D. This allows me to quickly check whether I’ve overlooked an income or expense item, as well as the year-to-year changes in amounts. For example, if I received dividends from one security holding or interest from a particular bank in prior years, but the amount is missing or substantially changed for the current year, I know to check for the reason behind the omission, increase, or decrease before completing my tax filing.
Don’t make financial decisions based on potential tax breaks: The IRS offers a slew of tax credits and deductions that have the potential to reduce your tax liability. But if you’re spending money strictly for the tax break, you may end up losing money on the deal. For example, you can deduct charitable contributions you make throughout the year if you itemize your deductions and donate to qualified charitable organizations. But if you donate $1,000 solely to get a tax deduction, and don’t first ensure your contribution meets deduction requirements, you could be out $1,000 with no tax break to show for your donation.
Child and Dependent Care Tax Credit: A tax credit is so much better than a tax deduction-it reduces your tax bill dollar for dollar. So missing one is even more painful than missing a deduction that simply reduces the amount of income that’s subject to tax. But it’s easy to overlook the child and dependent care credit if you pay your child care bills through a reimbursement account at work. The law allows you to run up to $5,000 of such expenses through a tax-favored reimbursement account at work. Up to $6,000 in care expenses can qualify for the credit, but the $5,000 from a tax favored account can’t be used. So if you run the maximum $5,000 through a plan at work but spend more for work-related child care, you can claim the credit on up to an extra $1,000. That would cut your tax bill by at least $200 using the minimum 20 percent of the expenses. The credit percentage goes up for lower income households. Find more details at here.