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News Archives | Hinton Burdick

Retirement Contributions Limits Announced for 2020

December 3, 2019

By: HintonBurdick

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b …

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Deferred Tax on Gains From Forced Sales of Livestock

December 3, 2019

By: HintonBurdick

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if …

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Employer Benefits of Using the EFTPS

December 3, 2019

By: HintonBurdick

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an out …

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Take Retirement Plan Distributions by December 31

December 3, 2019

By: HintonBurdick

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must b …

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Updated Rules: Deductible Business & Other Expenses

December 3, 2019

By: HintonBurdick

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to c …

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Tax Benefits of Health Savings Accounts

December 3, 2019

By: HintonBurdick

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it” …

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