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Author Archive | James B. Reynolds

Cash Payments and Tax Relief for Individuals in New Law

A new law signed March 27 provides a variety of tax and financial relief to Americans during the coronavirus (COVID-19) pandemic. The CARES Act provides an eligible individual with a cash payment of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. The payment is reduced by 5% of adjusted […]

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Individuals get Coronavirus (COVID-19) Tax and Other Relief

Taxpayers now have more time to file their returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The IRS announced that the filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, due on April 15 until July 15, […]

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COVID-19 and Your Tax Returns

As you are undoubtedly aware, the country and our community has been coming together in an unprecedented way to contain, reduce and slow the spread of COVID-19. We are encouraged by this cooperation and hoping for the best outcomes possible. With the help and cooperation of everyone in our office, and in our community, we […]

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Why you should keep life insurance out of your estate

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your […]

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The 2019 Gift Tax Return Deadline is Coming Up

If you made large gifts to your children, grandchildren or others in 2019, it’s important to determine whether you’re required to file a gift tax return by April 15 (Oct. 15 if you file for an extension). Generally, you’ll need to file one if you made 2019 gifts that exceeded the $15,000-per-recipient gift tax annual […]

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Home is Where the Tax Breaks Might Be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on home mortgage loans is deductible. Unfortunately, that’s not true. First, you must itemize deductions in order to deduct mortgage interest. And the deduction is limited. From 2018-2025, you […]

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The tax aspects of selling mutual fund shares

The tax rules involved in selling mutual fund shares can be complex. If you sell appreciated mutual fund shares that you’ve owned for more than one year, the profit will be a long-term capital gain. As such, the top federal income tax rate will be 20% and you may also owe the 3.8% net investment […]

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