Tag Archive for: tax breaks

Eight Groups Who Can Expect New Tax Breaks Under Trump

Donald Trump’s biggest campaign promises included extending the tax law he signed in 2017, which lowered many Americans’ income taxes. But he also promised to “pursue additional tax cuts” if elected. Now that he’s headed back to the White House, you might be wondering — even if you didn’t vote for him — whether you stand to benefit from those new tax breaks.

New FAFSA Rules Opened Up A ‘Grandparent Loophole’ That Boosts 529 Plans

Beginning with the new 2024-25 FAFSA launched late last year, a student’s total income is only based on data from federal income tax returns.  That means any cash support, no matter the source, won’t negatively affect financial aid eligibility. And though it’s called the “grandparent loophole,” any nonparent, including friends and relatives, can use it.
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Americans Save More In HSAs, Fidelity Reports HSA Assets Exceed $16 Billion

HSAs can help people cover healthcare costs and avoid other harmful financial decisions while enjoying tax breaks. While some employers offer HSAs as part of their benefits options, consumers can also open these through most banks or investment management firms.
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Couples May Score A Bigger Tax Break With This Flexible Spending Account Strategy

The American Rescue Plan boosted child-care assistance through temporary changes to dependent-care FSAs. The law increased 2021 dependent-care FSA limits to $10,500 from $5,000, offering a higher tax break on top of existing rules allowing more time to spend the money. CLICK ON THE HEADLINE FOR MORE
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2019, 2020 Contribution Limits For 401(k)s, IRAs, And HSAs

The 2020 IRA contribution limit is the same as the 2019 IRA contribution limit, but taxpayers will be able to contribute more to their 401(k) accounts and health savings accounts (HSAs) in 2020. CLICK ON THE HEADLINE FOR MORE
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4 Big Tax Breaks You May Lose Under GOP Tax Plan

There are tax benefits that are on the chopping block to help fund what businesses and individuals pay to Uncle Sam. FOR THE TOP 4 BREAKS THAT POTENTIALLY MAY BE LOST, CLICK ON THE HEADLINE