Individual Tax

/Individual Tax

Act Now For Tax Relief

By | 2018-01-11T20:45:25+00:00 December 29th, 2017|Individual Tax, News & Events|

With the Tax Cuts and Jobs Act signed into law by the President, the following are a few actions that, if taken by year-end, may soften the impact of a few of the disappearing or reduced deductions: For contributions made in tax years beginning after December 31, 2017, the Act eliminates the allowance of charitable [...]

Subject to AMT? Consider donating to the Alabama Opportunity Scholarship Fund

By | 2018-01-11T19:53:22+00:00 December 18th, 2017|Individual Tax, News & Events|

By:  Rachel Taylor, Tax Manager Rachel is a tax manager in the JMF Tax Department.  She assists clients with corporate, partnership, and individual income tax reporting as well as complex oil and gas tax issues. Would you like to reduce your AMT and provide a better education for children of Alabama? Consider donating to the Alabama [...]

2017 Year-End Tax Planning Letter

By | 2018-01-11T20:46:25+00:00 December 5th, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

 Dear Clients and Friends: Tax planning is rarely easy, but this year it is especially difficult due to the potential for sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can be expected to pass both houses and be signed by the president. We will continue to [...]

Seven Time-tested Year-end Tax Tactics

By | 2018-01-11T20:49:30+00:00 November 20th, 2017|Individual Tax, News & Events|

Practical approaches for individuals At this point, it is still uncertain whether any significant tax reform will be enacted this year (and even if it will be applicable to this tax year or next). Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven [...]

Hurdle the IRA Rollover Limit

By | 2018-01-11T20:49:42+00:00 November 17th, 2017|Individual Tax, News & Events, Pension Admin & Consulting|

If you want to move funds from one IRA to another—say, for investment purposes—you can use a rollover, but only once a year. Under the Tax Court’s interpretation of a recent case, this applies to all your IRAs, not just one specific, separate IRA. However, the once-a-year limit does not apply to trustee-to-trustee transfers [...]

A Tax Credit Back in Session

By | 2018-01-11T20:51:56+00:00 August 15th, 2017|Individual Tax, News & Events|

If your young children are going back to school soon (or already returned this month), you may need to pay someone for after-school care, especially if both you and your spouse work. Silver tax lining: You may qualify for the dependent care credit. This credit is available for childcare costs for children under 13 [...]

Yikes! I Just Got a Letter from the IRS!

By | 2018-01-11T20:52:36+00:00 July 13th, 2017|Corporate & Partnership Tax, Individual Tax, News & Events|

By: Rachel Aaron, CPA Supervisor & IRS Specialist JMF is always ready and willing to assist you when correspondence from the IRS comes your way. We have highly trained staff that deal with these issues on a regular basis. As tax practitioners representing our clients, we often have the ability to communicate with the [...]