Individual Tax

/Individual Tax

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, [...]

Last Call for Alimony Deductions?

By | 2018-12-12T23:22:59+00:00 December 12th, 2018|Individual Tax, News & Events|

If you are in the process of getting divorced or separated, or are about to embark on proceedings, you might want to resolve matters before the end of the year. What’s the rush? Under the Tax Cuts and Jobs Act (TCJA), alimony expenses paid pursuant to agreements executed after 2018 are no longer deductible. Most [...]

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 | 2019-01-31T19:14:34+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 [...]