by LittleOwlCPA Admin | Jun 10, 2022 | Individual Tax
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of...
by LittleOwlCPA Admin | May 27, 2022 | Individual Tax
A Roth individual retirement account (IRA) is a personal savings plan that offers certain tax benefits to encourage retirement savings. Contributions to a Roth IRA are never tax deductible on your federal income tax return, which means that you can contribute only...
by LittleOwlCPA Admin | May 13, 2022 | Individual Tax
Do you give money to your church? Do you get a tax benefit from those donations? How about your donations to other charities? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But there’s a...
by LittleOwlCPA Admin | Apr 29, 2022 | Individual Tax
For parents and students trying to manage college bills and student loan payments, the federal government offers education-related tax benefits. The requirements for each are different, so here’s what you need to know. American Opportunity credit The...
by LittleOwlCPA Admin | Apr 15, 2022 | Individual Tax
Tax Day 2022 is Monday, April 18, 2022 for most individual taxpayers. Some taxpayers in certain natural disaster areas are allotted more time to file depending on the disaster. Tax Return Extension An extension of time to file a Federal individual return is...
by Tabitha Regan | Mar 4, 2022 | Individual Tax
With near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are...
