Individual Tax

/Individual Tax

Seven Tax Moves for the Summer

By |2022-06-22T15:23:47+00:00June 22nd, 2022|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Counting on the QBI Deduction

By |2022-03-22T13:53:11+00:00March 14th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

The Tax Cuts and Jobs Act (TCJA) created a major new tax deduction for self-employed individuals and owners of pass-through entities like partnerships, S corporations and limited liability companies (LLCs). Effective for 2018 through 2025, the deduction for “qualified business income” (QBI) can be as high as 20%. However, these deductions are reduced or [...]

Six New Personal Tax Return Items

By |2022-03-07T18:48:51+00:00March 7th, 2022|Individual Tax, News & Events, Press Releases|

There are usually some new twists and turns to the current tax return rules for individuals, but this year is especially tricky due to recent legislation. Following are six potential items to watch out for on 2021 returns. 1 Charitable donations: Normally, you can deduct monetary contributions made to qualified charitable organizations only if you [...]

The Rx for Medical Deductions

By |2022-03-01T16:05:21+00:00March 6th, 2022|Individual Tax, News & Events, Press Releases|

The tax threshold for deducting medical expenses is written in stone…finally. After several years in which the medical deduction threshold jumped back and forth between 7.5% of adjusted gross income (AGI) and 10% of AGI, Congress settled the issue once and for all in the Consolidated Appropriations Act (CAA). Effective as of 2021, the CAA [...]

Your Electronic Filing and Delivery Options from JMF

By |2022-02-04T16:14:24+00:00February 4th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Technology|

 Did you know about all of the electronic offerings associated with your tax return filing? Bank account direct deposit for refunds and direct draft for payments What is it?                           The quickest and safest way to receive your refund or make your tax payment associated with most federal and state tax returns How do I [...]

Estate Planning for Blended Families

By |2022-01-04T17:25:36+00:00February 1st, 2022|Estate & Trust, Individual Tax, News & Events, Press Releases|

It is no longer unusual to have a spouse, children and grandchildren from a second or third marriage encompass a “blended family.” But these additions to the clan can complicate estate planning. Keeping that in mind, the following techniques may be beneficial for blended families: Will: Your will is the centerpiece of your estate plan [...]