Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress passed … Read More
Clarifying the changes to the 2018 child tax credit
The Tax Cuts & Jobs Act of 2017 (TCJA) ushered in sweeping changes that continue to reshape the tax landscape, particularly for divorced, separated, or unmarried parents. Among the most significant shifts: the elimination of the dependency exemption for children, long a key point of negotiation in custody disputes. Beginning with the 2018 tax year, the exemption was reduced to … Read More
Clarifying the changes to the 2018 child tax credit worksheet
The passage of the Tax Cuts & Jobs Act in late 2017 marked a turning point for family-related tax provisions. One of the more consequential adjustments was the elimination of the dependency exemption for children—effective beginning with the 2018 tax year. For divorced, separated, or unmarried parents, this removed a significant tax lever once used in support negotiations. To counterbalance … Read More
Tax Season is Coming – Vital things to know Part 1
Tax Cut and Jobs Act (TCJA) that was passed in late 2017, has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More
Time to delegate
Choose an accountant that understands your business What to look for when choosing an accountant When you are running a small business, cash flow, paperwork, taxes and government regulations are always on a small business owner’s mind. After all, what’s more important than managing your company’s financial affairs? Learning good small business accounting practices is a must. But, the time … Read More
Clarifying the changes to the Child Tax Credit for 2018
Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress passed … 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
Personal Exemption Eliminated, Standard Deductions Doubled
There were a lot of changes announced when the Tax Cuts and Jobs Act of 2017 (TCJA) was revealed at the end of year. The new tax law for 2018 has fully eliminated many exemptions and taken taxpayers by surprise. One of the most surprising is the personal exemption. The TCJA has suspended all personal and dependent exemptions for tax … 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
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