/Tax Planning

Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends

By |2018-10-12T18:14:28+00:00October 8th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too high [...]

Tax Reform 2.0 – Here’s what you need to know

By |2018-09-25T21:40:44+00:00September 19th, 2018|Tax Cuts and Jobs Act, Tax Planning|

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family [...]

IRS issues proposed regulations on the pass-through business income deduction

By |2018-08-31T18:10:20+00:00August 13th, 2018|Tax Cuts and Jobs Act, Tax Planning|

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or [...]

How to address digital assets in your estate plan

By |2018-07-27T23:58:01+00:00July 30th, 2018|Estate & Trusts, Tax Planning|

Digital assets, including things like online bank and brokerage accounts, digital photo galleries, and even email and social media accounts, are just as important to include in your estate plan as material assets.  If you die without addressing these assets in your estate plan, your loved ones or other representatives may not be able to [...]

Tax News: Surprise Supreme Court Ruling Paves Way for Taxation of Online Sales

By |2018-06-26T18:16:58+00:00June 26th, 2018|News, Tax Planning|

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the [...]

Tax Reform News: Expanded Tax Breaks for Business Vehicles

By |2018-05-22T16:57:09+00:00June 7th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Great news for small business owners with business vehicles: the Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for business vehicles used more than 50% for business purposes. Here's what you need to know to take advantage of these deductions: Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, [...]

Business Meals and Entertainment Under Tax Reform

By |2018-05-23T00:10:47+00:00May 31st, 2018|Tax Cuts and Jobs Act, Tax Planning|

In late December 2017, Congress passed and the President signed the Tax Cuts and Jobs Act. The law will phase in a wide variety of changes to the way businesses calculate their tax liabilities — some beneficial, some detrimental. Revisions to the treatment of employee meals and entertainment expenses fall in the latter category. [...]

Tax Reform News: Timing Counts When Buying or Selling a Home

By |2018-05-21T17:33:41+00:00May 24th, 2018|Tax Cuts and Jobs Act, Tax Planning|

With mortgage interest rates on the rise, you might feel eager to buy a home. However, before you rush into any purchase (or sale, if you are already a homeowner), it's important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and work-related moving expenses. Beware: Some rules [...]

How does tax reform affect rental property owners?

By |2018-04-25T22:12:35+00:00April 25th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. In general, tax reform affects rental property owners- owners will enjoy lower ordinary income tax rates and other favorable changes to the tax brackets for 2018 through [...]

Understanding the benefits for pass through entities under the TCJA

By |2018-04-10T18:06:20+00:00April 10th, 2018|Tax Cuts and Jobs Act, Tax Planning|

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but [...]

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