INTRODUCTION With year-end approaching, this is the time of year we “normally” suggest possible year-end tax strategies for our clients. However, from a tax-planning standpoint, 2018 is not a “normal” year. Late in 2017, Congress passed the “Tax Cuts and Jobs Act” (TCJA) which represents the most substantial tax reform legislation since 1986. Since the […]
2018 Year-End Tax Planning for Businesses
INTRODUCTION It’s that time of year when businesses should start developing year-end planning strategies. Late in 2017, Congress passed the “Tax Cuts and Jobs Act” (TCJA) which represents the most substantial tax reform legislation in over 30 years. Since the vast majority of its provisions are first effective in 2018, we have an array of […]
Tax Cuts & Jobs Act
INTRODUCTION The “Tax Cuts and Jobs Act” (TCJA) signed into law in late 2017 represents the most substantial tax reform legislation since 1986, and most of its provisions are first effective in 2018. For example, generally starting in 2018, TCJA: Reduces income tax rates for the vast majority of individual taxpayers; Reduces or eliminates altogether […]
Overview of Itemized Deduction Changes
Changes to Schedule A as a result of the Tax Cuts and Jobs Act are illustrated below. Check back for additional tax planning opportunities in these areas. Tax Planning Opportunity: Qualified Charitable Distributions
Planning Opportunity: Qualified Charitable Distributions
Age 70½ – Consider making charitable contributions directly from your IRA The Tax Cuts and Jobs Act (TCJA) increased the standard deductions and made significant changes to itemized deductions. The coordination of these changes will result in many taxpayers using the standard deduction and no longer itemizing deductions. We will be providing tax planning opportunities […]
Tax Talk: Changes to Meals and Entertainment Deductions
Prior to the Tax Cuts and Jobs Act of 2017, taxpayers could only deduct 50 percent of meals and entertainment and 100 percent of meals provided for the convenience of the employer. Under the new law, effective January 1, 2018, entertainment is no longer deductible and meals for the convenience of the employer are subject […]
Tax Ramifications of Divorce
There are common tax issues that arise during a divorce. However, during such an emotional time, working through those tax issues could be the furthest thing from someone’s mind. Divorce attorneys are there to help with the physical separation of assets and to handle custody and support arrangements, but the tax implications of the agreements […]
Tax Cuts and Jobs Act of 2017
INTRODUCTION After months of intense negotiations, the President signed the “Tax Cuts And Jobs Act Of 2017” (the “New Law”) on December 22, 2017 – the most significant tax reform since 1986! It is no overstatement to say that this mammoth tax bill will have a significant impact on virtually every business and individual. Generally […]
State Tax Saving Tips for 2017
With the new tax bill being passed, there are bound to be some changes that will affect you. Most of these changes do not take effect until 2018, but there are a couple planning maneuvers that can be made to save tax dollars in 2017. State taxes, like withholding from your W-2 or your estimated […]
2017 Tax Reform: Last Minute Year End Updates
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a […]
