$50 Refund for South Carolina Income Tax Filers

The South Carolina legislature has allocated approximately $60 Million USD in refunds from the taxes the recent Mega Millions Lottery winner paid in South Carolina. Qualified taxpayers can receive a $50 tax refund in the mail. South Carolina taxpayers who have filed their 2018 taxes by October 15, 2019 and who have qualified for over […]

Tax Updates November 13

Nov 13 Tax Updates 401(k) Limits Increased for 2020 Many contribution limits to retirement savings programs have increased for next year. Limits for participants in 401(k), 403(b), most 457 plans, and the Thrift Savings Plan are increased from $19,000 to $19,500. The catch up contribution limit for these plans is increased from $6000 to $6500. […]

IRS Updates November 4

Bi-Monthly Updates on the IRS Here is what is happening in the IRS. Proposed Regulations on Opportunity Zone Tax Incentive Issued       The Treasury and IRS have issued guidelines regarding Opportunity Zone incentives. Opportunity Zones were created by the Tax Cuts and Jobs Act (TCJA) of 2017 to encourage investment in distressed communities in the US […]