No matter the size of your company, employees may enjoy the benefits of participating in a 401(k) plan. One of the most popular retirement plans around, this is a proven way to save money for your golden years. Just consider these attractive features: *Tax deferrals: You pay no current tax on the amount of [...]
Reports of the death of the federal estate tax are premature. Significantly, the TCJA retains the federal estate- and gift-tax systems but doubles the federal estate tax exemption to $11.2 million for 2018. (The $5 million exemption was scheduled to be indexed to $5.6 million in 2018.) This increase will vanish after 2025. As a [...]
The IRS recently announced its annual cost-of-living adjustments for certain retirement plan limits for 2018. Any adjustments, as shown below, are relatively small. Limit for 2017 Limit for 2018 Maximum annual dollar benefit for a defined benefit plan $215,000 $220,000 Maximum dollar limit on additions to [...]
As we mentioned in this blog in December, certain Alabama AMT taxpayers should consider donating to the Alabama Opportunity Scholarship Fund. The same process can be used to maximize your State and Local Tax Deduction. Alabama has allocated $30,000,000 to this program for 2018. Currently, there is just over $6.5M remaining for 2018 and [...]
For the second straight year, Alabama exports set a new record. In 2016, Made in Alabama products topped $20.6 billion. The 2017 figures, released by Alabama State Commerce Department, show a $1.1 billion dollar increase to $21.7 billion. Alabama exports have surged 21% since 2011 and 50% in a decade, figures indicate. Transportation equipment remained Alabama’s No. [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. [...]
One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you spring into action: 1. Assemble [...]
The Social Security Administration (SSA) announced that the Social Security wage base is increasing in 2018, but not by much. It says the 6.2% Social Security tax will apply to $128,700 of wages in 2018, up from $127,200 in 2017. That’s an increase of slightly more than 1% as compared with the increase of more [...]
As expected, the IRS announced that the annual gift tax exclusion is finally going up in 2018, to $15,000. The annual exclusion, which is increased only in increments of $1,000, had been set at $14,000 per recipient for the past five tax years (2013-2017). Thus, if you have five grandchildren, you can now give [...]
Charitable deductions are often treasured by high-income taxpayers who itemize deductions on their personal returns (less people will itemize their 2018 taxes due to new tax law). But your charitable deductions are at risk if you do not have the requisite proof to back up your claims. Worst-case scenario: You are forced to forfeit all [...]