The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns, but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you [...]
There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year was April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return. It is important to know [...]
The Alabama Legislature passed HB 384 last week and Governor signed it into law. This bill is the "Moody fix”. Basically, the law codifies the form changes ADOR made in 2013 based on a Regulation change rather than a change in the Statute. The bill also provides for taxpayers to receive refunds for 2013 (assuming [...]
No matter the size of your company, employees may enjoy the benefits of participating in a 401(k) plan. One of the most popular retirement plans around, this is a proven way to save money for your golden years. Just consider these attractive features: *Tax deferrals: You pay no current tax on the amount of [...]
Reports of the death of the federal estate tax are premature. Significantly, the TCJA retains the federal estate- and gift-tax systems but doubles the federal estate tax exemption to $11.2 million for 2018. (The $5 million exemption was scheduled to be indexed to $5.6 million in 2018.) This increase will vanish after 2025. As a [...]
The IRS recently announced its annual cost-of-living adjustments for certain retirement plan limits for 2018. Any adjustments, as shown below, are relatively small. Limit for 2017 Limit for 2018 Maximum annual dollar benefit for a defined benefit plan $215,000 $220,000 Maximum dollar limit on additions to [...]
As we mentioned in this blog in December, certain Alabama AMT taxpayers should consider donating to the Alabama Opportunity Scholarship Fund. The same process can be used to maximize your State and Local Tax Deduction. Alabama has allocated $30,000,000 to this program for 2018. Currently, there is just over $6.5M remaining for 2018 and [...]
For the second straight year, Alabama exports set a new record. In 2016, Made in Alabama products topped $20.6 billion. The 2017 figures, released by Alabama State Commerce Department, show a $1.1 billion dollar increase to $21.7 billion. Alabama exports have surged 21% since 2011 and 50% in a decade, figures indicate. Transportation equipment remained Alabama’s No. [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. [...]
One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you spring into action: 1. Assemble [...]