GOP tax writers and their staff are busy working on a proposal for overhauling the federal tax system, which they expect to release after the August recess.
The IRS and many state taxing authorities now recommend that taxpayers use their driver’s license number to provide another layer of security when electronically filing federal and state tax returns. A few states, notably Alabama, New York, and Ohio are requiring a driver’s license number or and equivalent for personal income tax returns.
Protecting Wealth from the Ravages of Long Term Health Care Events
As the American population ages, interest in the topic of long term care is surging. People eventually realize, albeit reluctantly, that they may require care at some point. Some, are motivated to research the topic after seeing a family member, or other loved-one, who has experienced a devasating health care event. Continue reading “Long Term Care Funding”
Some people do all of their investing in an employer-sponsored retirement plan where earnings are untaxed until withdrawn, and perhaps in an IRA as well. Withdrawals are generally taxed at ordinary income rates which now go up to 39.6%.
Lawmakers are chugging along on tax reform. Officials in President Donald Trump’s administration are meeting regularly with congressional GOP leaders to come up with a plan to significantly lower tax rates for individuals and firms and to simplify the tax code.