Tuesday, May 28, 2019

IRS Issues 2020 Inflation-Adjusted Amounts For Health Savings Accounts



In a new Revenue Procedure (Rev Proc 2019-25, 2019-22 IRB), the IRS has provided the 2020 inflation-adjusted contribution, deductible, and out-of-pocket expense limits for health savings accounts (HSAs). 



HSA basics. 
Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers and other persons (e.g., family members) also may contribute to an HSA on behalf of an eligible individual. Generally, employer contributions are treated as employer-provided coverage for medical expenses under an accident or health plan and are excludable from income.

In general, a person is an "eligible individual" if he or she is covered under a high deductible health plan (HDHP) and is not covered under any other health plan, unless the other coverage is permitted insurance (e.g., for worker's compensation, a specified disease or illness, or providing a fixed payment for hospitalization). General purpose health accounts, such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), constitute "other coverage" that will usually preclude HSA eligibility. However, exceptions apply for, among other things, FSAs and HRAs that provide only certain benefits, such as dental and vision, and those imposing high annual deductibles.

HSA distributions not used to pay for qualifying medical expenses generally are included in income and are subject to a 10% penalty tax.

Annual contribution limitations for 2020. 
For calendar year 2020, the limitation on deductions under Code Sec. 223(b)(2)(A) for an individual with self-only coverage under an HDHP is $3,550 (up from $3,500 for 2019). For calendar year 2020, the limitation on deductions under Code Sec. 223(b)(2)(B) for an individual with family coverage under an HDHP is $7,100 (up from $7,000 for 2019).

HDHP for 2020. For calendar year 2020, an HDHP is defined under Code Sec. 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,400 (up from $1,350 for 2019) for self-only coverage or $2,800 (up from $2,700 for 2019) for family coverage, and with respect to which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, not including premiums) do not exceed $6,900 (up from $6,750 for 2019) for self-only coverage or $13,800 (up from $13,500 for 2019) for family coverage. 


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Monday, May 13, 2019

2019 IRS Income Tax Deductions For Automobile Costs



Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes.

Businesses generally can use one of the two methods to figure their deductible vehicle expenses:
        • Standard mileage rate
        • Actual car expenses
For 2019, here are the standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes:
  • 58 cents per mile driven for business use
  • 20 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations
Of course, business taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Here are some facts to help business owners understand the differences between the two methods of figuring their deductible vehicle expenses:
  • Businesses that want to use the standard mileage rate for a car they own must choose to use the standard mileage rate in the first year they use the vehicle. Then, in later years, they can choose to use either the standard mileage rate or actual expenses.

  • If a business wants to use the standard mileage rate for a car they lease, they must use this rate for the entire lease period.

  • The business must make the choice to use the standard mileage rate by the due date of their return, including extensions. They can’t revoke the choice.

  • A business that qualifies to use both methods may want to figure their deduction both ways to see which gives them a larger deduction.

  • Here are some examples of actual car expenses that a business can deduct:
o Licenses
o Gas
o Oil
o Tolls
o Insurance
o Repairs
o Depreciation – limitations and adjustments may apply  

Businesses can see Publication 463, Travel, Gift and Car Expenses, for a full list of actual expenses and how to calculate them.

More Information:
IRS issues standard mileage rates for 2019
IRS Notice 2019-02
National Small Business Week


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User CSS For Firefox And Thunderbird

User CSS For Firefox And Thunderbird

User CSS Contributions For CustomizeMyBird and Custom CSS For FX

The repository at https://github.com/JYLD/User-CSS-For-Firefox-And-Thunderbird has user submitted CSS customizations for:
  1. The very excellent Firefox and Thunderbird add-ons by Aris-t2 at https://github.com/Aris-t2 ; and
  2. Other useful CSS contributions for Firefox and Thunderbird.
If you like Windows 7 or XP and you also like the Windows Classic XP/Win2000 look on Windows 7, then you may really like what the files mentioned here can do for you.

Note: I prefer the older look of Windows XP/2000 over the Windows 7 Aero interface. Therefore, I use the Classic Windows Theme on Win 7 as my starting point. Then I add the "Classic Start Menu" available from http://www.classicshell.net/ . Then for Firefox I use the "Classic Blue" theme from "ndnenigma" available for Firefox at https://addons.mozilla.org/en-US/firefox/user/5414873/ . This theme is a dark theme for the toolbar, bookmarks toolbar, and menu bar areas. For Thunderbird on my Windows 7 setup, I use the CustomizeMyBird and Theme and Font Size Changer add-ons. Plus my own custom CSS placed in the CustomizeMyBird user CSS window.

Various standard color choices from add-ons don't work as well as I would like (colorwise) with my Windows Classic Theme setup. Also, I like rounded tabs and spacing that is a little bit different from what the add-ons usually provide.

Therefore, I've had to modify some of the setup from Custom CSS For FX and CustomizeMyBird to get the look I find pleasing.

If you don't like the color choices in my CSS it can of course be easily modified.

If you want to further duplicate my color setup on Windows 7 then first select the Classic Windows Theme.  After that download the JYLD_Color_Choices.zip file to your computer and then double click the reg files it contains to add it to your registry.  You should save a copy of your current theme before doing this so you can go back to your original color choices.  Also note that my color choices work on Windows 7 and XP. On Windows 7 you must be using the Windows Classic Theme for these color choices to have any effect.  After adding the color choices reg file settings to your registry you will have to reboot your computer for the changes to take effect.

NOTE: I have no idea how the color choices reg files would affect Windows 8 to 10, if at all. I don't even know if the Windows Classic Theme is available on Windows 8 to 10.

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