Opinion Piece – New Tax Law

In December, both houses of congress passed their version of tax reform, quite arguably the largest since the Tax Reform Act of 1986 passed during the Reagan Administration. On December 22, President Trump signed the version of the new law, known as the Tax Cuts and Jobs Act (“TCJA”), that came out of conference

Views – 577

By |February 13, 2018|

Don’t Ignore the Nanny Tax

Make sure you don’t overlook the nanny tax as you are reviewing your filing requirements for 2018.  You could be liable to pay state and federal payroll taxes if you have a housekeeper or other household employee.

How do you know if you must pay the nanny tax?

A household employee is generally someone you hire

Views – 616

By |February 12, 2018|

Get the Maximum Benefit from a Casualty Loss Deduction

An unexpected casualty can wreak havoc emotionally and financially.  An itemized tax deduction may help ease the financial burden if your home, vehicle, or other personal property has been damaged or destroyed by an unforeseen disaster.

Typically, you claim a casualty loss in the taxable year the disaster happens.  But, if you’re in a federally

Views – 549

By |September 14, 2017|

New IRS Collection Policy Update

As we progress through 2017, be aware of major changes to the IRS Collection Policy.  According to “During the past five years, new laws and IRS administrative changes to collection policy have been frequent, and can be hard for taxpayers and tax professionals to keep up with.”  Stay informed and take a moment

Views – 701

By |April 27, 2017|

A Tax Refund for You or an Interest Free Loan for the IRS?

Are you anticipating a big refund this year?  Since getting a large refund actually costs you money, you may want to do some tax planning each year in order to minimize the amount you get back.

If you are among the millions of taxpayers who receive a refund each year it’s important to understand how

Views – 830

By |April 10, 2017|

Tax Bracket, Tax Rate, What’s the Difference?

It’s not a trick question, there is a difference between your tax bracket and your tax rate.  Your tax rate indicates your tax liability in relation to your total income but for planning purposes, you will also want to be aware of your tax bracket.  As an example, to stay within the limits of

Views – 850

By |January 31, 2017|

Corporate Minutes Support Tax Deductions

If the IRS questions a choice made on your tax return, having well-documented corporate minutes can provide valuable supporting evidence.  When related-party transactions are involved, such as payments, loans or distributions between the company and you or other owners, corporate minutes become especially important.  As an example, the amount of your compensation may be

Views – 1311

By |January 26, 2016|

Watch Year-End Mutual Fund Transactions

Mutual funds can have a complicated effect on income tax and can create undesirable year-end surprises if purchases or sales are poorly timed.

For mutual fund investors, taxes are based on activities within each fund (with the exception of qualifying retirement plans). Any income or gain must be passed on to shareholders when a fund

Views – 1194

By |October 5, 2015|

2014 Tax Extenders are Officially Enacted into Law

As of Friday, December 19, President Obama signed the Tax Increase Prevention Act of 2014 into law. This includes tax extenders for both individuals and businesses. The extensions expire as of December 31, 2014. What will happen for 2015 remains to be seen, but if recent history is any indication, Congress will wait until

Views – 1399

By |December 29, 2014|

The Affordable Care Act: What To Expect Next

As of  mid-July, we are currently sitting in health insurance “limbo.”  The initial roll out of the Affordable Care Act, also known as Obamacare, is over. The 2015 open enrollment is a few months away and all is quiet on the insurance home front.   During this intermission, I thought it might be a good

Views – 1339

By |September 8, 2014|