Category Archives: Taxes

Year End Tax Planning Considerations For The Individual

Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET … Continue reading

Posted in Charitable Organizations, IRS, Personal Finance, Personal Taxes, Planning Strategies, Retirement, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , , , , ,

Several Tax Law Changes May Affect Bottom Line of Many Business Owners

The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals … Continue reading

Posted in Corporate Taxes, IRS, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Taxes, Year End | Tagged , , , , ,

IRS Explains 20% Deduction for Qualified Business Income

The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here’s a summary of the basic rules: For tax years beginning after Dec. 31, 2017, … Continue reading

Posted in Corporate Taxes, IRS, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , , ,

Maximize Your Qualified Business Income Deduction

You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such … Continue reading

Posted in Corporate Taxes, Personal Finance, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Uncategorized | Tagged , , , ,

Monitor State Response to Tax Reform

States react differently to changes to federal tax law. For example, some states automatically conform to federal tax law as soon as legislation is passed. Other states require their legislatures to adopt federal tax law as of a fixed date. … Continue reading

Posted in DOR, Government, Personal Taxes, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , ,

Watch Out for New Alimony Rules

Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence … Continue reading

Posted in Personal Finance, Personal Taxes, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , , , ,

Revisit Your Qualified Tuition Plans

Although the details of Qualified Tuition Plans (QTPs) can vary widely, they generally allow parents and grandparents to set up college accounts for children and grandchildren before they reach college age. Once established, QTPs qualify for favorable federal (and often … Continue reading

Posted in Education, Personal Taxes, Planning Strategies, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , , , ,