Believe it or not, the 2020 tax season begins January 27, 2020. The worst feeling is scrambling last-minute to find your tax documents. Why not put your mind at ease by going over information you need to know to file your 2019 taxes?
Here are the tax changes you need to be prepared for next year.
You might wonder what tax bracket you’re in. The IRS announced the slightly higher brackets below: (more…)
Every new president brings on a new aura for Americans to bask in, and while emotions run high, opinions begin to surface. Suddenly, cheerful holiday dinners turn into political debates. Some chime in while the rest of us are just trying to decide between pecan pie or pumpkin. One debate is the replacement of Obamacare, or the American Health Care Act. Lately, we’ve introduced a new word into our vocabulary that will likely stick; TrumpCare.
According to the IRS in 2011, under the Affordable Care Act (aka Obamacare), “Distributions from health FSAs and HRAs will be allowed to reimburse the cost of over-the-counter medicines or drugs if they are purchased with a prescription.” This will remain accurate until Obamacare is no longer in effect. However, there are limits to the Flexible Spending Account. For example, the pre-tax dollars you can have contributed to your account adjusts each year depending on inflation. The FSA limit is currently $2,500. (more…)
