Premier Tax is dedicated to providing exceptional customer service at an affordable price. We are a family owned and operated business and our goal is to make sure we take care of you, your family and your business when it comes to all your tax needs. Premier Tax is a tax preparation business in Hudson WI and surrounding areas.
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642 Brakke Drive Suite 105 - Hudson WI 54016 - Call us today for an appointment 715-808-0082
On December 20th, 2019, the Further Consolidated Appropriations Act was signed.
Some changes will affect tax clients this year and going forward through 2020 (and possibly requiring amending returns from 2018, which we can review during your appointment) .
*Adjusted gross income threshold for medical expenses (incl dental, vision, hearing, etc) from 10% to 7.5%
*Deduction of mortgage insurance premiums as qualified principal residence interest
*Non-business energy property which included a deduction for certain energy efficient exterior doors, windows, skylights, air conditioners, furnaces, and water heaters. If you installed any of these items in 2018 we can amend your return to get the credit since these changes are retroactive to 1/1/2018.
The Consolidated Appropriations Act 2020 also included the SECURE Act
*Starting in 2020 the age for required minimum distributions will be 72.
*The Act also removed the age limit for contributions to traditional IRA's.
*This legislation does not effect the rules for 2019. If you're at least 70 1/2 in 2019 you must take a required minimum distribution. And you're not allowed to make contributions to your traditional IRA for 2019 after age 70 1/2.
*As regards non-spouse beneficiaries of an inherited IRA, the distribution must be taken by the end of the 10th calendar year following the individual's death. All inherited IRAs with a death date of 2019 or prior retain the ability to stretch the distribution over the beneficiary's lifetime, even if the account is created in 2020, for example person passed away in 2019 and elect to stretch the IRA over their lifetime in 2020.
*Starting in 2020, new parents can take a penalty-free distribution from a 401K, IRA or other qualified retirement plan within a year after a birth or adoption. The maximum amount is $5,000 per parent.
*For small businesses there is an increase in the retirement plan startup tax credit and a credit for setting up automatic employee enrollment in the plans.