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Author: NTVadmin

No Clawbacks for Gifts if Estate Tax Exemption Changes

Posted on November 25, 2019 by NTVadmin

Currently, the estate tax exemption is large enough ($11.4 million for decedents dying in 2019; $11.5 million for those dying in 2020) to protect most estates from having to pay any federal estate tax. This exemption amount is the result of applying t…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

COLAs for 2020

Posted on November 25, 2019 by NTVadmin

The IRS has announced cost of living adjustments for more than 60 tax items for 2020 Act (Rev. Proc. 2019-44). All of the tax brackets have been affected, as well as the taxable income breakpoints for the favorable capital gains rate for long-term cap…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Revised Dollar Amounts for Retirement Plans and IRAs in 2020

Posted on November 25, 2019 by NTVadmin

Each year, the IRS can adjust various amounts used to figure contributions, benefits, deductions, and credits related to qualified retirement plans and IRAs. The IRS has now done so for 2020 amounts (Notice 2019-59). The adjustments are modest in view…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Home Sale Exclusion and Like-Kind Exchange for Same Vacant Land

Posted on November 25, 2019 by NTVadmin

Homeowners who meet ownership and use tests can exclude gain on the sale of a principal residence up to $250,000 ($500,000 on a joint return). Taxpayers who hold property for investment can defer gain on a like-kind exchange of real property. Can both…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Home Office Deduction Not for Hobby Activity

Posted on November 25, 2019 by NTVadmin

A home office deduction can be claimed only if space is used regularly and exclusively for business. But can a taxpayer who has two businesses claim a home office deduction for the same space?
In a recent case, a taxpayer claimed to run a horse busine…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Medicare Premiums in 2020

Posted on November 25, 2019 by NTVadmin

The basic Part B premium amount for 2020 is $144.60 per month. The Part D premium for drug coverage in 2020 ranges from $13 to $83 per month (depending on the drug plan selected). However, high-income taxpayers with modified adjusted gross income abov…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

More Guidance on Virtual Currency

Posted on November 3, 2019 by NTVadmin

In 2014, the IRS said that virtual currency, such as Bitcoin, is property and not currency (Notice 2014-21). Thus, individuals receiving payments in cryptocurrency held for investment means reporting them as property transactions on Form 8949 and Sche…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

More Guidance on ABLE Accounts

Posted on November 3, 2019 by NTVadmin

ABLE accounts are special savings accounts for certain disabled individuals that can be used without causing the loss of government benefits related to the disability. In 2018, the IRS indicated it would issue proposed regulations on these accounts (N…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Social Security Changes for 2020

Posted on November 3, 2019 by NTVadmin

More than 69 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 1.6% starting with the December 2019 benefits, which are payable in January 2020. This COLA adjustment is less than the 2.8% increase last year (Soci…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

Settlement with HOA Was Includible in Gross Income

Posted on October 6, 2019 by NTVadmin

Compensatory damages received for a personal physical injury or sickness are excludable from gross income. Damages for any other personal reason, such as defamation, as well punitive damages for any reason, are taxable. In one recent case, a homeowner…

Posted in Tax Preparation TipsTagged tax preparation, tax tips

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  •   Jonathan was amazing! Super friendly and personable. The place was easy to find off Fairmount. Parking is street parking but there was plenty when I went

    thumb Naomi C.
    4/02/2018
  •   Best tax team ever! Tony knew exactly the right questions to maximize my deductibles and make sure the process was totally painless.

    Since this is my first year as a 1099 I wanted to make sure my expenses were accurately accounted for. Tony took out the guesswork and made it quick and easy to file. Leaving it to a professional left me feeling confident in the filing process - no more Turbo Tax for me! I will be returning next year.

    Added Bonus: The team will keep you entertained throughout the office visit. They really know all the tricks for retaining their customers : )

    thumb Kendal B.
    4/14/2016
NTV ACCOUNTANTS - Tax Prep
3635 Fairmount avenue
SAN DIEGO, CA 92105

Phone : Tel: (619) 280-6682
Fax: (866) 878-0631
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