Individual Tax

/Individual Tax

IRS Explains 199A Rules for Real Estate

By | 2019-04-16T19:28:49+00:00 April 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+00:00 March 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+00:00 March 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+00:00 February 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+00:00 February 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 [...]

Will You Miss These Tax Deductions?

By | 2019-02-05T19:06:35+00:00 February 5th, 2019|Entrepreneurs, Individual Tax, News & Events, SALT|

Form 1040 has a different look this year. Thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has essentially been doubled while certain deductions have been modified or eliminated. Due to these changes, which are generally effective for 2018 through 2025, you may be better off claiming the standard deduction on your [...]

Make This a “Record” Tax Year

By | 2019-02-05T18:59:26+00:00 January 20th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

The IRS generally requires taxpayers to shoulder recordkeeping burdens. If you have not kept the necessary tax records in the past— or if your methods have been inadequate— make it a New Year's resolution to improve in 2019. The process will undoubtedly go smoother if you organize your records in a logical fashion. Also, [...]