Individual Tax

/Individual Tax

Seven Year-End Tax Moves for Individuals

By | 2018-11-02T15:47:28+00:00 November 5th, 2018|Individual Tax, News & Events|

Tax planning is especially complicated this year-end due to the new Tax Cuts and Jobs Act (TCJA). Under the TCJA, tax rates are cut, personal exemptions are eliminated, the standard deduction is increased and certain itemized deductions are modified—just to mention a few of the major changes. The TCJA provisions for individuals are generally [...]

New Law Revives Six Key Tax Breaks

By | 2018-10-30T20:18:38+00:00 October 30th, 2018|Individual Tax, News & Events|

The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016. [...]

Opportunity Zones Have Great Potential for Tax Payers

By | 2018-10-31T18:39:32+00:00 September 24th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

“Opportunity Zones” are included in the new tax law known as Tax Cuts and Jobs Act of 2017.  These zones encourage private sector investment in low-income community businesses which are inside defined census tract lines throughout the United States. The new tax code allows any taxpayer to defer gains until the earlier of the [...]

The Bigger and Better Child Tax Credit

By | 2018-09-05T21:11:26+00:00 September 5th, 2018|Individual Tax, News & Events|

The Tax Cuts and Jobs Act (TCJA) eliminates personal exemptions on your tax return, including dependency exemptions for children. But another TCJA provision may cushion the blow. The Child Tax Credit (CTC) for each qualified child under age 17 is doubled from $1,000 to $2,000. Of this amount, $1,400 is “refundable” (i.e., it is available [...]

Four Key Changes for Depreciation Deductions

By | 2018-05-23T15:57:35+00:00 May 29th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018 through a combination of rules relating [...]

ADOR Launches Tax Amnesty Website

By | 2018-05-23T15:40:08+00:00 May 23rd, 2018|Corporate & Partnership Tax, Individual Tax, News & Events, SALT|

The Alabama Department of Revenue (ADOR) has launched alabamataxamnesty.com, a website dedicated to the Alabama Tax Delinquency Amnesty Program of 2018. The program begins July 1st and runs through September 30, 2018.  Please note that to be eligible, the taxpayer may not have been previously contacted by ADOR (within the last two years) to file returns.  Most [...]

Last Chance for Key Tax Deductions?

By | 2018-04-24T15:13:23+00:00 April 24th, 2018|Corporate & Partnership Tax, Individual Tax, News & Events|

The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are [...]

Favorable Tax Treatment for Medical Expenses Under New Tax Law

By | 2018-04-24T15:00:12+00:00 April 24th, 2018|Corporate & Partnership Tax, Health Care, Individual Tax, News & Events|

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 [...]

Alabama’s Tax Credit for Taxes Paid to Other States

By | 2018-04-03T15:26:27+00:00 April 3rd, 2018|Corporate & Partnership Tax, Individual Tax, News & Events, SALT|

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 [...]