Search Results: keywords:"tax planning"

  • S. 1314 — To amend the Internal Revenue Code of 1986 to provide that floor plan financing includes the financing of certain trailers and campers.
    Status:Introduced in Senate
    Words:263

    The bill S. 1314, titled the “Travel Trailer and Camper Tax Parity Act,” aims to amend the Internal Revenue Code of 1986. It proposes to include trailers and campers, specifically those designed for temporary living quarters like for camping or recreational use, under the...

    Simple Explanation

    The bill wants to make a small change in the tax rules so that people who sell trailers and campers, which are like little homes you can take on trips, can get the same kind of financing deals as car sellers. This change would start working in 2025.

  • H. R. 9141 — To amend the Internal Revenue Code of 1986 to expand eligibility for health savings accounts, and for other purposes.
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    Status:Introduced in House
    Words:894

    H.R. 9141, titled the "Increasing Value for Families with HSAs Act of 2024," seeks to change the Internal Revenue Code to allow more people to qualify for health savings accounts (HSAs). Currently, only individuals with a high deductible health plan qualify, but this bill...

    Simple Explanation

    In this bill, Congress wants to make it so more people can use special savings accounts for health care by allowing anyone with insurance to join, not just those with certain plans. They also want to let people save a lot more money in these accounts each year.

  • H. R. 354 — To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.
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    Status:Introduced in House
    Words:353

    H.R. 354, titled the “Small Business Growth Act,” proposes changes to the Internal Revenue Code of 1986 to increase the maximum amount of money that businesses can deduct for purchasing depreciable assets like equipment. Currently, businesses can deduct up to $1,000,000, but...

    Simple Explanation

    H.R. 354 wants to let businesses save more money on their taxes when they buy things like machines by allowing them to subtract up to $2,000,000 from their taxes instead of $1,000,000, starting in 2026. This change is like giving them more room to save when they buy new stuff for their business.

  • S. 989 — To amend the Internal Revenue Code of 1986 to provide that income received by a regulated investment company from precious metals shall be treated as qualifying income.
    Status:Introduced in Senate
    Words:267

    S. 989 proposes an amendment to the Internal Revenue Code of 1986 to change the way income from precious metals is treated for investment companies. The bill suggests treating income that investment companies earn from precious metals as “qualifying income,” similar to how...

    Simple Explanation

    Imagine there's a big piggy bank that makes money by dealing with shiny, special metals like gold and silver. This bill wants to change the rules so when the piggy bank makes money from these shiny metals, it's counted in a way that helps it follow the rules, just like when it makes money from pretend money tricks.

  • S. 4771 — To amend the Internal Revenue Code of 1986 to expand eligibility for health savings accounts, and for other purposes.
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    Status:Introduced in Senate
    Words:879

    S. 4771 proposes changes to the Internal Revenue Code of 1986 to make more people eligible for Health Savings Accounts (HSAs). Currently, only those with high deductible health plans can have HSAs, but the bill changes that to include anyone with any health insurance....

    Simple Explanation

    S. 4771 is a bill that wants to let more people use special savings accounts to save money for medical expenses, even if they don't have a specific kind of insurance. It also wants people to be able to save more money each year in these accounts.

  • H. R. 8820 — To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for long-term care insurance premiums and to reduce certain tax credits.
    Status:Introduced in House
    Words:869

    H.R. 8820, titled the “Improving Access to Long-Term Care Insurance Act,” proposes changes to the Internal Revenue Code of 1986. It aims to allow taxpayers to deduct long-term care insurance premiums without needing to itemize their deductions and without these expenses...

    Simple Explanation

    H.R. 8820 is a plan to let people save money on their taxes by taking away the need to spend a lot before getting help to pay for long-term care insurance, like what helps the elderly or sick when they need extra care. But to make up for this, other ways people save on taxes, called credits, might be reduced.

  • H. R. 8710 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.
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    Status:Introduced in House
    Words:289

    H.R. 8710 proposes a change to the Internal Revenue Code that would allow people to deduct up to $10,000 per year from their taxable income for contributions made to a 529 plan. A 529 plan is an investment account used to save for education expenses. The bill specifies that...

    Simple Explanation

    In this bill, Congress wants to let people pay less money in taxes if they save up to $10,000 a year for school by using a special savings account called a 529 plan, but only if they make $200,000 or less in a year.