7 Tax Benefits of Owning a Home: A Complete Guide for Filing This Year
7 Tax Benefits of Owning a Home: A Complete Guide for Filing This Year
What are the tax benefits of owning a home? Look no further than this complete guide of all the 2020 tax breaks homeowners should be aware of.
Margaret Heidenry, provided by
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What are the tax benefits of owning a home? Plenty of homeowners are asking themselves this right around now as they prepare to file their taxes.
You may recall the Tax Cuts and Jobs Act the most substantial overhaul to the U.S. tax code in more than 30 years went into effect on Jan. 1, 2018. The result was likely a big change to your taxes, especially the tax perks of homeownership.
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Blank Rome’s annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2021 by our clients and friends in California. We first discuss perhaps the most important recent development, which was the outcome of the 2020 “Blue Wave” Election that gives the Democratic Party control of the presidency and Congress. In view of the massive federal bailouts that have occurred and are likely to occur this year, it seems logical to assume that significant changes (increases) to the tax burden on many individuals will be enacted. President Biden has proposed a series of sweeping tax changes as outlined below.
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Seyfarth Synopsis: The IRS issued Notice 2020-86, which provides guidance on the rules that apply to safe harbor plans that were changed by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). The guidance covers the increase in automatic contributions permitted under a qualified automatic contribution arrangement (or “QACA”) safe harbor plan, safe harbor notice requirement changes, and issues related to the retroactive adoption of safe harbor status.
The SECURE Act included a number of changes to the rules that apply to safe harbor plans. As described in our prior Legal Update available here, the SECURE Act (1) increased the 10% cap on automatic contributions under a QACA to 15%, (2) eliminated the requirement that a non-elective safe harbor plan notify participants of the plan’s safe harbor status before the beginning of the plan year, and (3) established new rules that per
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Americans have been facing greater pressure to shoulder the responsibility for their own retirement. The safety net is shrinking, as fewer workers have access to guaranteed pension plans when they retire, funding for Social Security has come under threat, and costs for everything from housing to health care to long-term care continue to rise. Now, with the economic fallout from the pandemic, the uncertainty is growing.
According to Nationwide’s sixth annual
Advisor Authority study, powered by the Nationwide Retirement Institute, roughly three-fourths of investors (72%) say the COVID-19 pandemic has had a negative impact on how long they are able to live off their current retirement savings. Nearly two-thirds of investors (63%) expect to require 20 to 30 years of income in retirement but less than half (47%) think they can live off their savings for that long.