Condor Capital Management

Explore: A Guide for the 2020 Tax Season

A Guide for the 2020 Tax Season

In this guide, we’ll explore ways to help you prepare for the upcoming tax season.

Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.

April 15, 2020 is the deadline the Internal Revenue Service sets for filing your 2019 tax returns. If you believe you will miss that deadline, you should consider filing for an extension.

Here’s a quick summary of the major changes for 2019:

Continue reading “A Guide for the 2020 Tax Season”
Share this article:
Five Red Flags That Raise the Odds of an Audit

The IRS audited about 1 million tax returns in fiscal year 2018, and nearly 75% of those examinations were conducted entirely through correspondence.1 Taxpayers selected for an official audit are notified by mail.

Confusing matters, the IRS also mails other types of compliance notices, which may propose additional tax based on math errors, the automated detection of underreported income, or other factors. The National Taxpayer Advocate calls these notices “unreal” audits, because the IRS doesn’t count them as audits. But their impact is real — so the frequency and effectiveness of IRS compliance contacts are somewhat understated. About 8.5 million taxpayers experienced “unreal” audits during fiscal year 2016, and if they were included the audit rate would jump from 0.7% to more than 6.0%.2

Continue reading “Five Red Flags That Raise the Odds of an Audit”
Share this article:
Tax Considerations for Retirees

The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.

At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 (when one spouse is 65 or older) or $27,400 (when both spouses are 65 or older). The standard deductions for younger taxpayers range from $1,650-$2,600 less.1

There are two situations where your standard deduction may be limited at age 65 or older, or disappear entirely. One is when another taxpayer claims you as a dependent. The other is when you are married and filing separately, and your spouse itemizes deductions.1

Continue reading “Tax Considerations for Retirees”
Share this article:
Key Retirement and Tax Numbers for 2020

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.

Continue reading “Key Retirement and Tax Numbers for 2020”
Share this article:
Key Retirement and Tax Numbers for 2019

Key Retirement and Tax Numbers for 2019

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2019.

Continue reading “Key Retirement and Tax Numbers for 2019”
Share this article:
Giving Day

Many Americans consider Thanksgiving and Black Friday to be the unofficial start of the Holiday season.  What many Americans don’t know however, is that the Tuesday after Thanksgiving is internationally known as “Giving Tuesday.” Started in 2012 by 92nd Street Y and the United Nations Foundation as a response to commercialization and consumerism in the post-Thanksgiving season, “Giving Tuesday” has quickly caught on in the philanthropic community. Last year, a total of $274 million dollars was raised on “Giving Tuesday,” with several large charities and companies such as the Bill and Melinda Gates Foundation and Facebook offering limited matching to participating donations.

Continue reading “Giving Day”

Share this article:
ABLE Accounts After Tax Reform

ABLE Accounts After Tax Reform

Recent federal tax reform legislation has added several favorable new tax provisions for ABLE (Achieving a Better Life Experience) accounts. ABLE accounts are tax-advantaged savings accounts for individuals with disabilities that are typically used to cover qualified disability expenses. Generally, an ABLE account is disregarded for purposes of determining eligibility for, and the amount of, any assistance or benefit provided under certain means-tested federal programs.

Continue reading “ABLE Accounts After Tax Reform”

Share this article: