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 [...]
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 [...]
Can you claim a tax deduction for a home improvement? That question is not as crazy as it sounds. It may be possible to write off part of the cost of a home improvement needed for medical reasons. However, be forewarned that there are significant tax obstacles to overcome. Main ground rules: Under current [...]
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 [...]
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 [...]
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 [...]
If your child is going back to college this fall, you may be in line for either one of two higher-education credits: American Opportunity Tax Credit (AOTC): The maximum $2,500 AOTC may be claimed for each student in the family. It is available for up to four years of study. Lifetime Learning Credit (LLC): [...]
Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on. [...]
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 [...]
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 [...]