Big Changes to the Kiddie Tax
Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of… Continue On +
So Long To The Tax Deduction For Investment Expenses
Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees… Continue On +
Solar Tax Credit: The Dark Side
There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit… Continue On +
Tax Reform Limits Exchanges to Defer Taxes
Article Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Whenever you sell business or investment property and have a gain, you generally have to pay tax… Continue On +
Employee Business Expenses & Tax Reform
If you are an employee (i.e., a W-2 wage earner) with substantial work-related business expenses, the Act was not kind to you. It suspended (and effectively repealed), for 2018 through 2025, all… Continue On +
Surprise! Extender Bill Passed: Do You Benefit:
Congress passed the Budget Bill last Thursday night, and the president signed it on Friday. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017… Continue On +
Tax Reform Cracks Down on IRA Recharacterizations
If you have been or are anticipating converting your traditional IRA to a Roth IRA, you should be aware of a tax trap that Congress built into the Act. Background: There are… Continue On +
Have Business Income? If So, You Score Big With The New Tax Reform
As part of the Act, Congress changed the tax-rate structure for C-corporations to a flat rate of 21% instead of the former graduated rates that topped out at 35%. Needing a way… Continue On +
Medical Deductions & The New Tax Law
Article Highlights: Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents Note: The… Continue On +
New Tax Law Cracks Down on Home Mortgage Interest
For years, taxpayers have been able to deduct home mortgage interest on their primary and second homes as an itemized deduction, subject to certain limitations. The interest deduction was limited to the… Continue On +
How Much Production Are You Losing to Write Offs?
Let’s say your practice bills out $5,000 of production today. How much of that production would you expect to collect? There are typically differences between what is produced and collected, and the… Continue On +
Sold Your Home This Year? Thinking of Selling? Read This!
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home… Continue On +