Head over to our LinkedIn page and check out the comprehensive summary we posted on President Trump and candidate Joe Biden's tax proposals. It covers the entire range of potential provisions, so it's a great resource for getting ahead of your annual tax planning.
The IRS estimates that as many as a quarter of all taxpayers who qualify for the earned income tax credit (EITC) fail to claim it. The EITC is for people who work but have lower incomes. It could be worth up to $6,660 in 2020, up from $6,557 in 2019. As a refundable credit, you can receive the benefits of the credit even if you have no tax liability and even if you are not required to file a tax return.
Check out this article for more information.
A frequently overlooked tax benefit is the Health Savings Account, or HSA, which can serve dual purposes as a tax-deductible savings account for paying medical expenses and as a retirement account that functions similarly to a traditional IRA. To make contributions, a taxpayer must have a high-deductible health insurance plan.
Check out this article on Health Savings Accounts for more information.
Recently, candidate Joe Biden floated potential tax proposals were he to be elected that would revisit various tax provisions impacting estate transfers, in particular, the stepped-up basis provision. It's never too early to begin working on your estate plan, and in light of this news, it's definitely something you don't want to put off until it's too late.
Head over to our LinkedIn page to check out the attached estate planning introduction to get started today: