The Internal Revenue Service issued its annual inflation adjustment for health savings accounts. For 2021 the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,600. That’s up from $3,550 in 2020. For 2021 the annual limitation on deductions for an individual with family coverage under a [...]
IRA owners in mandatory distribution status need not take their Required Minimum Distributions for tax year 2020. The waiver is part of last week’s legislative action taken by Congress and signed into law by the President to provide fiscal stimulus during the COVID-19 crisis. Governmental logic (not meant as an oxymoron but…) is that without [...]
Now that the noise has died down (a bit) we've opted to say a few words.
As follow up to the March 17th announcement of a three-month reprieve to pay 2019 income taxes the IRS has issued Notice 2020-18 extending the deadline for the filing of returns. Previously returns were due on/before April 15th despite the additional time allowed for payment.
Treasury Secretary Steven Mnuchin announced Tuesday that taxpayers will get a three-month reprieve to pay their 2019 income taxes as part of the federal government’s coronavirus response. Returns, however, must still be filed by the traditional April 15th deadline. Filers will have 90 days to pay income taxes due on up to $1 million in [...]
The year was 1994: The Shawshank Redemption, Pulp Fiction, The Lion King and Forrest Gump were some of the top grossing films. ER and Friends debuted making Thursday night “must see TV” on NBC. Yahoo and Amazon were launched. Richard Nixon died. Kurt Cobain committed suicide. O.J. Simpson was arrested and charged with murder. Major [...]
On Wednesday the Internal Revenue Service announced tax year 2020 annual inflation adjustments. Impacts are negligible as if often the case. A detailed description of all adjustments is available in Revenue Procedure 2019-44. Those impacting the majority of taxpayers include: The standard deduction for taxpayers filing MFJ increases from $24,400 (tax year 2019) to $24,800. [...]
Ah, academia. The proverbial ivory tower. Many are flush with assets – donations, research grants, sports revenues, etc. Are they good stewards of their capital? Do they effectively leverage their knowledge to achieve superior returns? Over the past ten years not one of the 149 institutions surveyed including the wicked smaht Harvard and MIT [...]
We tend to focus on what’s successful and ignore what isn’t. We focus on the known, the here and the now while forgetting that which previously occurred. We don’t learn from failure. We don’t learn from mistakes. We’re guilty of survivorship bias. We’ve elevated the path to success (or those we believe are causal) to [...]
Truth is beautiful, without doubt; but so are lies. - Ralph Waldo Emerson Hmmm. OK. So there's beauty in truth. But how to tell the truth from the lies? You're going to find that many of the truths we cling to depend greatly on our own point of view. - Obi-Wan Kenobi So what's your [...]