February 28, 2020
Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged…
Read More...October 18, 2019
In 2018, the government attempted to “simplify” the tax-filing process by drastically shortening Form 1040. The result was six new schedules that created a lot of confusion. Now the IRS is attempting to ease some…
Read More...September 10, 2019
One major change in The Tax Cuts and Jobs Act was the generous federal estate and gift tax exemption, which doubled from $5 million to over $11 million. Effectively, this means that only the very affluent…
Read More...May 28, 2019
The Tax Cuts and Jobs Act (TCJA) passed by Congress was the most sweeping overhaul to the United States tax code in over 30 years. Although many politicians promised “simplification,” most tax professionals would certainly…
Read More...March 29, 2019
The kiddie tax isn’t just child’s play. Due to recent tax law changes, children with substantial income may end up paying more in taxes than before. Fortunately, you can take steps now to minimize the…
Read More...March 20, 2019
Is alimony still deductible by payers and taxable to recipients? It depends. There is some confusion around recent tax law changes, but the prior rules generally remain in effect for divorce and separation agreements entered…
Read More...March 06, 2019
Let’s Talk Tax Reform For years, tax filers have valued a long list of itemized deductions which reduced their taxable income. Much of that is history now that the Tax Cuts and Jobs Act is…
Read More...March 06, 2019
This is the first tax year under the Tax Cuts and Jobs Act. So what can you expect? Here are answers to some frequently asked questions. Let’s Talk Tax Reform 1. Do I still…
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