TAX ALERT- Are your new 2018 withholdings sufficient to cover your tax liability?
In March of 2018 the IRS adopted new withholding tables for wages and retirement distributions. These tables were designed to adjust the withholdings for the new tax laws that will be effective… Continue On +
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 +
Taxes and Divorce
If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you… Continue On +
Tax Reform Changes How Alimony Is Treated
Alimony is the term used for payments to a separated spouse or ex-spouse as part of a divorce or separation agreement. Since 1985, to be alimony for tax purposes, the payments: Must… Continue On +
Not-Being-Insured Penalty Eliminated
Beginning in 2014, the Affordable Care Act, also known as Obamacare, imposed what a “share-responsibility payment” on taxpayers who did not sign up for minimum essential health coverage. This payment is essentially… Continue On +
Tax Reform Adds Education Benefit
Tax law provides two tax-advantaged savings plans for the Qualified State Tuition Plan (commonly referred to as a 529 Plan). They are similar in that contributions to the plans are not tax… 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 +
Personal Casualty Losses Axed by the New Tax Law
A casualty loss occurs when there is property damage from a sudden, unanticipated event, not from gradual, progressive damage. Examples of events qualifying as a casualty include: acts of nature like hurricanes,… 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 +