Individual Tax

/Individual Tax

2019 Midyear Tax Planning Letter

By |2019-07-05T13:42:02+00:00July 2nd, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

Dear Clients and Friends (and Blog Readers!): With the first tax season under the Tax Cuts and Jobs Act (TCJA) behind us, we have a better understanding of the practical applications on the tax law changes. As expected, the law changes had a profound impact on many taxpayers and created new planning opportunities. There [...]

Alabama adds state incentives to the federal Opportunity Zone plan

By |2019-06-11T15:18:02+00:00June 11th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

As you are probably aware if you read this blog consistently, we think Opportunity Zones have great potential for taxpayers/investors.  In fact, since last fall, many of the uncertainties around Opportunity Zones have been cleared up through IRS regulations.  Most people are not expecting any more official IRS guidance release so the rules of [...]

IRS Explains 199A Rules for Real Estate

By |2019-04-16T19:28:49+00:00April 18th, 2019|Individual Tax, News & Events|

The massive tax legislation signed over a year ago, the Tax Cuts and Jobs Act (TCJA), authorized a brand-new deduction for qualified business income (QBI) of pass-through entities and sole proprietors. This deduction under Section 199A of the tax code provides opportunities for a wide range of taxpayers, but has also caused confusion, especially as [...]

The Tax ABCs of Higher Education

By |2019-03-25T16:35:33+00:00March 25th, 2019|Individual Tax, News & Events|

Are any of your children currently attending college or preparing to enter school in the fall? The tax law provides several special tax breaks that may benefit parents who help pay qualified expenses. In particular, you may be able to claim one of two tax credits for higher education, subject to certain restrictions. Following is [...]

New SALT Rules Spice Up ’18 Returns

By |2019-03-25T21:12:32+00:00March 10th, 2019|Individual Tax, News & Events, SALT|

Under the Tax Cuts and Jobs Act (TCJA), certain deductions have been eliminated or modified, including the write-off for state and local tax (SALT) payments. The changes are effective for 2018 through 2025. As a result, some taxpayers will be going on a SALT-free diet when they file their 2018 returns. Background: Previously, many middle-to-upper [...]

IRS Updates Standard Mileage Rates for 2019

By |2019-02-18T18:24:05+00:00February 18th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

In lieu of deducting actual expenses, the IRS permits qualified taxpayers to deduct a flat rate based on miles traveled, plus related tolls and parking fees. These standard mileage rates are updated annually. For 2019, the rates are: 58 cents per mile driven for business driving (up 3.5 cents from 2018); 20 cents per mile [...]

Preserve Deductions for Charitable Gifts

By |2019-02-18T20:05:42+00:00February 14th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

What’s the biggest tax deduction on your 2018 return? For many itemizers, it is the write-off for charitable donations on Schedule A. But these deductions are not automatic if you do not have the proper records to back up your claims. Here are several important reminders for this year’s tax filing season. Monetary contributions: Deductions [...]