While many aspects of the current tax reform bill are controversial, one of the most talked about new Trump tax breaks under the law is the Child Tax Credit provision. Married couples everywhere delighted with the announced increase in the child tax credit for 2018. This is the credit that taxpayers receive if you have a dependent child aged 17 … Read More
Property, state and local taxes are still deductible, up to a point
A momentous change took place last December 2017 in the form of the Tax Cuts and Jobs Act (TCJA), which is the tax reform bill that placed a new limit on deductions for state and local taxes, including property taxes. Previously these deductions were unlimited for individuals, though many people who owed the alternative minimum tax lost the benefit of … Read More
Many tax deductions gone but not forgotten Part 2
Earlier this week we looked at how the new tax cuts and jobs of 2017 has changed what is deductible and what is not. Congress also included a significant reduction in mortgage interest as part of the reform package. In 2017, taxpayers could deduct interest on a mortgage of up to $1 million. Starting in 2018, only interest on the … Read More
Many tax deductions gone but not forgotten Part 1
The number nine has special significance to taxpayers in 2018 because that is the number of tax deductions that have been eliminated as result of the sweeping changes made in the Tax Cuts and Jobs Act of 2017 (TCJA). And the best way to describe it is – a case of give and take. Taxpayers can expect a lot of … Read More
Wedding Gifts from the IRS and the Disappearing Marriage Penalty
It may be rare these days for a prospective husband to ask for permission or a blessing from his future father-in-law to marry his sweetheart, but there’s one additional blessing that may also be on his mind: acquiring the tax blessings bestowed by the Internal Revenue Service. Thanks to the new tax law changes found in the Tax Cuts and … Read More
US Corporation tax rate now lowest in 30 years
For decades, the United States was in the top twenty of the countries paying the highest statutory corporate income tax rates. Last year, American companies had to adhere to a whopping 38.9 percent rate while other developed countries were paying 22 and 25 percent rates. In fact, the only other countries paying 35 percent or more, were the United Arab … Read More
What’s New in the Tax Cuts and Job Act Part 2
Experts say the changes to the tax code for businesses are nothing short of revolutionary: a long-overdue modernization. But it’s important to remember that rate reductions don’t automatically translate into vigorous business growth. While changes wrought by the Tax Cuts and Jobs Act (TCJA) do promote corporate investment incentives, they also vary by investment type and economic sector. Here are … Read More
What’s New in the Tax Cuts and Job Act Part 1
The Trump administration’s success in pushing through the new tax legislation marks a major achievement of it’s first year. But, according to one source, “the hurried, largely furtive drafting, and rush to passage at the end of 2017, have helped obscure the new tax regime’s real impact.” Focusing on the politics has muddled the sweeping repercussions of the Tax Cuts … Read More
Workplace Wellness -Part 1
As the exploding wellness industry demonstrates, healthy customers are happy customers. And because employees are the “internal customers” of every organization, it stands to reason that workplaces should focus on employee wellness. Healthy employees contribute to and draw support from a healthy workplace. It’s not just about reducing sick days or absenteeism—although that matters, too. It’s also about fostering a … Read More
Owning It!
“Keeping talented people engaged involves some form of ownership.” –Forbes.com What motivates your employees to “give their best” at work, collaborating with a sense of purpose and passion, instead of just showing up and stewing till quitting time? The traditional answer–straight-up salary increases or equity stake–are rarely feasible in today’s culture of budget constraints, and research shows the temporary … Read More
#MeToo and Women in the Workplace
The hashtag #MeToo has unified millions of people, empowering them to come forward with their stories. In December, TIME magazine made these “silence-breakers” their Person of the Year, placing five on the cover—a range of backgrounds and ethnicities, from an anonymous migrant worker to superstar Taylor Swift . Fortune reports the #MeToo movement has caused an abrupt shift in acceptable workplace … Read More
Culture of Happiness
“Choose a job you love, and you will never have to work a day in your life.” That sentiment endures in fortune cookies, but otherwise flies in the face of society’s attitude toward jobs, bosses, and the hours “trapped” in the office. For too many workers in our culture, from laborers to leaders, work is not a “happy place.” Most … Read More
Sitting is the new smoking
How much do you sit on a typical day? If you drive to work, remain at your desk, drive home, eat dinner and then watch TV, you’re likely sitting for more hours than you’re sleeping. In today’s culture of always remaining available for clients or colleagues, eating lunch at our desks, clicking through emails rather than meeting face-to-face, grabbing take-out … Read More
Meals and Entertainment Changes Under Tax Reform
In general, the new tax Act provides for stricter limits on the deductibility of business meals and entertainment expenses. Under the Act entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the … Read More