What Will Your Marginal Income Tax Rate Be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations [...]
There’s Still Time to Get Substantiation for 2018 Donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t [...]
What’s Happened to My Tax-Free Transportation Fringe Benefits?
Over the years, Congress has established some nice tax breaks for transportation-related employee fringe benefits to encourage taxpayers to be more ecology-minded when commuting to work. But, the Tax Cuts [...]
Dealing with Child Support Withholding Orders
A whopping 75% of all child support is collected through employer-based income withholding orders (IWOs), according to the federal Office of Child Support Enforcement (OCSE). In the most recent year [...]
2 Major Tax Law Changes for Individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under [...]
A Refresher on Major Tax Law Changes for Small-Business Owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. [...]
You May Be Able to Save More for Retirement in 2019
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and [...]
Age Has its Privileges … and Penalties
In an era filled with uncertainty, you can count on one thing: time marches on. Here are some important age-related financial and tax milestones to keep in mind for you [...]
Treating a Stock Purchase as an Asset Acquisition
When it comes to making an acquisition, stock and asset purchases have their advantages and disadvantages but there might be a way to combine the best of both worlds. Buying [...]
Limitations Based on W-2 wages and the Basis of Qualified Assets
Limitations on the deduction for qualified business income (QBI) begin to phase in when an individual's taxable income (calculated before any QBI deduction) exceeds the threshold of $157,500 or $315,000 [...]
New 100% Depreciation Deduction Benefits Business Taxpayers
Information from IRS.gov Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the [...]
Tax Reform Changed Accounting Methods for Small Businesses
Information from IRS.gov The Tax Cuts and Jobs Act – better known as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform [...]
What Are the Rules for Business Gifts to Customers?
If your business gives gifts to customers, clients or other contacts during the holiday season, you may be able to deduct all or part of the cost. But there are [...]
Get Up and Running After a Disaster
If your business is hit by a hurricane, windstorm, blizzard, or other natural disaster, or if it falls victim to arson or terrorism, you might have to close up shop [...]