by Brenda Hershkowitz, EA, President & CEO, Premiere Tax & Accounting
The COVID-19 pandemic has forced tax laws that were never a thought to be enacted since 2020.
One example is the CARES Act. It not only enacted changes for individuals, but also included business related provisions. The changes for businesses, include net operating loss deductions, excess business loss limitations and Section 163(j) interest deduction limits.
Below are just a few items put in place by the CARES Act:
For individuals with IRAs, the CARES Act temporarily waived the RMD (required minimum distribution) rules for certain contribution plans and IRAs for the 2020 calendar year. This waiver is no longer in force for 2021, so RMDs must be taken in 2021.
Charitable contributions have also been adjusted under the CARES Act. Under the act, the modified gross income limitation on itemized deductions for charitable contributions was increased from 60% to 100% for 2020 and 2021 if made to churches, universities, hospitals or other public charities. Contributions to organizations, private foundations or donor advised funds are excluded.
Since taking office in January, the Biden administration is working on several new tax law changes. Tax legislation with significant provisions affecting high-income individuals could potentially be enacted by the end of 2021. You will want to rely on tax professionals to help you navigate these changes to make sure that you have the best strategies to build your wealth.
Premiere Tax and Accounting Services is a full-service firm working with businesses and individual clients. Our knowledgeable team has more than 35 years combined experience.
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Prescott Living Magazine
Come & enjoy the local scene in Prescott Arizona!
Be sure to look up in the night sky tonight to see a RARE celestial event! There will be an occultation of Mars by the full moon. Mars will disappear behind the moon around 7:30 PM and reappear around an hour later. The weather forecast calls for a clear sky tonight in the Prescott area! The Griffith Observatory in Los Angeles will have a live YouTube feed of the event starting at 7:00 PM MST at youtu.be/R3hRKCZAJdc.
EarthSky | Moon occults Mars tonight: How to watch
earthsky.org
Here’s hoping you have clear skies on the night of December 7-8, 2022, because there’s much to see! First, the full moon is up all night, near bright red Mars.
OUT & ABOUT — Thank you to Karen Shaw for sharing these beautiful photos taken at Dead Horse Ranch State Park in Cottonwood! Photos submitted by our readers appear in every issue of Prescott LIVING Magazine. Send in your best shots by email to photos@roxco.com.