Personal – Page 24 – Fiducial Blog

Mortgage Insurance Premium Deduction Retroactively Extended

December 17, 2020

This mortgage insurance premium deduction has been retroactively extended back to 2018 and through 2020. Consider amending your 2018 return for a refund.

What Is “Transparency” of Health Care Coverage?

December 14, 2020

Many employers pride themselves on transparency about how and with whom they do business. "Transparency,” however, also applies to group health care plans.

There is More to Deducting Health Insurance than Meets the Eye

December 9, 2020

Health insurance premiums, especially in the wake of the ACA, have risen dramatically. They constitute one of the greatest expenses most individuals pay.

COLAs Are Out for 2021’s Popular Fringe Benefits

December 7, 2020

The IRS released 2021 cost-of-living adjustments (COLAs) for a variety of tax-related limits. These include those related to many popular fringe benefits.

The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

December 2, 2020

The solar credit is fading away. After being 30% of the cost for many years through 2019, the credit drops to 26% in 2020. In 2021, it drops again to 22%.

How to Report COVID-19-related Troubled Debt Restructurings (TDRs)

November 27, 2020

Banks are working with borrowers on loan modifications. Recent guidance confirms that short-term changes due to COVID-19 won’t be subject to rules for TDRs.

Health Savings Accounts (HSAs) For Your Small Business

November 25, 2020

Small business owners know the increasing cost of employee health care benefits. Employer-sponsored HSAs may provide some of these benefits and save money.

2021 Dollar Limits and Thresholds for 401(k) Plans and Similar Plans

November 20, 2020

The IRS recently announced the 2021 dollar limits and thresholds for retirement plans. Fiducial has some of the relevant amounts for 401(k) plans.