For those of you who had unemployment in 2020 and filed prior to mid-March, you probably paid taxes on the full amount of unemployment. The tax law changed to exclude the first $10,200 of unemployment as taxable. For a married couple there is a $10,200 exclusion for each person. The IRS is stating that you [...]
CARES Act – Student Loans Student loan borrowers now have more benefits to consider when planning for the potential financial impact from coronavirus. A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020. These suspended payments [...]
CARES Act – Charitable Contributions What changed: The CARES Act includes three major changes to charitable giving. The first change relates back to RMD suspensions for 2020. You can still do a qualified charitable distribution (QCD) of up to $100,000 from your IRA to a qualified charity in 2020. The direct distribution to a charity would not show [...]
NEW YEAR COMES WITH NEW LAWS! Yes, over 250 new laws were added/changed in Illinois for 2020. Here is a highlight of some of the changes that could impact you: ALMOST ALL OF US ARE IMPACTED - Vehicle License Plates Renewal fees – Increased from $101 to $151 on a passenger vehicle for 2020 Thinking of buying a [...]
