The TCJA temporarily expands bonus depreciation
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]
Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains [...]
401(k) Retirement Plan Contribution Limit Increases for 2018; Most Other Limits are Stagnant
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re [...]
Tax Cuts and Jobs Act: Key Provisions Affecting Individuals
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law [...]
When Can You Deduct Theft Losses?
The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries [...]
Strict Requirements for Deductible Alimony
When couples separate or divorce, one spouse or ex-spouse is often required to make payments to the other. The one making payments can deduct the amounts if they meet the [...]
Year-end Charitable Giving in 2017 – What you need to know
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are [...]
Tax Consequences of Borrowing From a Retirement Plan
If you participate in a qualified retirement plan through your job or self employment — such as a 401(k), profit-sharing, or Keogh plan — you might be allowed to borrow [...]
2018 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
Could Travel Per Diems Simplify Employee Expense Reimbursements?
The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified [...]
You may need to add RMDs to your year-end to-do list
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making [...]
The Ins and Outs of Tax on “Income Investments”
Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all [...]
Should You Accelerate your Property Tax Payment into 2017
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property [...]
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
Information provided by: IRS.gov The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights of [...]
Get Ready for 2017 Tax Year Filing
Information provided by IRS.gov Now that the 2016 tax year filing deadline has passed, it is time to look at items that may affect the 2017 tax return to be [...]