IRS Sets 2019 Vehicle Depreciation Limits  

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The Internal Revenue Service has released the depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2019. These annually inflation-adjusted numbers represent the maximum income tax depreciation allowed under the luxury automobile rules. In Revenue Procedure 2019-26, tables set forth the new depreciation limits. Table 1 provides the depreciation […]

Internal Revenue Service sets 2020 limits on HSA contributions

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The IRS recently announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for taxpayers with individual or family coverage under a high-deductible health plan (HDHP) for calendar year 2020. Under Internal Revenue Code Sec. 223, individuals who participate in an HDHP are permitted a deduction in computing their […]

Annual Tax Data Book Released by the Internal Revenue Service

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The Internal Revenue Service recently released its 2018 Data Book, which summarizes that agency’s operating activity for fiscal-year 2018 (October 1, 2017 through September 30, 2018). Always interesting, the Book notes that during this period, the IRS collected nearly $3.5 trillion in revenue and processed more than 250 million tax returns and other forms and […]