Tax Issues Related to Divorce
Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered… Continue On +
Gift Tax Treatment of Tuition Plans
Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not… Continue On +
Electric Vehicle Credit on the Decline
Back in 2009 Congress created a tax credit for the purchase of electric vehicles as a stimulus for car companies to manufacture “green” vehicles and as an incentive for consumers to purchase… Continue On +
Increased Business-Vehicle Deductions Due to Tax Reform
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these… Continue On +
IRS Giving a Break to Some Taxpayers Who Under-Prepaid Their 2018 Taxes
Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and… Continue On +
Big Tax Changes for Divorce Decrees after 2018
Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing… Continue On +
Don’t Be a Victim of Cybercrooks
Article Highlights: Well, here it is: 2019. The holiday season is over, and the season for preparing tax returns is about to begin. But unfortunately, it is also the season for scammers… Continue On +
2019 Standard Mileage Rates Announced
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year.… Continue On +
Last-Minute Tax Strategies
Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible chari-table contributions for 2018 is Dec. 31.… Continue On +
Practice Action Plan
Just like you, we love it when a plan comes together, but not everyone knows how, or where to begin, when creating that plan. Or perhaps a plan was created, but now… Continue On +
Take Advantage of a Home Office Reimbursement
If you have a home office and are looking for ways to maximize your tax savings maybe it’s time to look into the home office reimbursement. This reimbursement method allows a corporation… Continue On +
Big Changes to College Savings Plans
Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal… Continue On +