The IRS is reminding retirees born before July 1, 1948, that they must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs. This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD (up until April 1, 2019), it can be counted toward their 2018 RMD, but is still taxable in 2019. The special April 1 deadline only applies to Read More...
Archives for December 2018
Mileage Rates Experience Significant Increase
A big change was announced by the IRS on Friday for the optional standard mileage rates for business use of a vehicle. This rate will increase significantly in 2019, after increasing only slightly last year. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Because the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction for unreimbursed employee business expenses from 2018 to 2025, the notice explains that the standard mileage rate can't be used to claim a deduction for those expenses during that period. However, Read More...
MNsure’s Deadline for 2019 Health Coverage
Don't Delay to Get 2019 Health Coverage! For health coverage that starts January 1, you need to enroll by Saturday, December 15. Open enrollment goes through January 13, but why wait to get covered for 2019? We encourage you not to wait until the last minute! Premiums are going down anywhere from 7% to 27% what they were in 2018, and some plans may have changed, so be sure to take a good look at all of your health insurance options for 2019. We are staffed with experts who can effectively help you compare plans to make it easier to make decisions that are best for you! We are here to help Contact our experts for any help you may need while enrolling, including: Free MNSure Consulting for in-person help Expert help with Read More...