Tag Archives: Tax Cuts & Jobs Act
IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018
The following article was published by the IRS. The Internal Revenue Service has announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total … Continue reading
Posted in IRS, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Law Changes, Taxes
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Consider Investing in Qualified Opportunity Zones
Tucked away in the TCJA is the creation of Qualified Opportunity Zones (QO Zones). These are low-income communities that meet certain requirements. Investing in QO Zones can result in two major tax breaks: (1) temporary deferral of gain from the … Continue reading
Posted in Government, Investing, IRS, Tax Law Changes, Tax Tips
Tagged Cozby & Company, designation of QO Zones, personal income tax advisor in Plymouth MA, QO Zones, Qualified Opportunity Zones, revitalizing low-income communities, tax benefits of Qualified Opportunity Zones, Tax Cuts & Jobs Act, tax reform, TCJA
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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 alimony no longer considered income, alimony no longer deductible, Cozby & Company, Heather Cozby CPA, new alimony rules under tax reform, Tax Cuts & Jobs Act, tax reform, tax specialist Plymouth MA, TCJA
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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 Cape Cod tax preparer, Cozby & Company, QTP, revisit your qualified tuition plans after tax reform, tax benefits of qualified tuition plans, Tax Cuts & Jobs Act, TCJA, what are eligible schools for QTPs, what are qualified tuition plans
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Bunch Charitable Contributions through Donor-Advised Funds
The TCJA temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, the standard deduction has almost doubled. Combined with the capping of the state and local tax deduction … Continue reading
Posted in Charitable Organizations, Non Profits, Personal Taxes, Planning Strategies, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End
Tagged bunch charitable contributions through donor-advised funds, charitable gift funds, Cozby & Company, Kingston MA tax preparer, philanthropic funds, Tax Cuts & Jobs Act, TCJA, what is a donor-advised fund
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