Does Prepaying Property Taxes Make Sense Anymore?
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still [...]
Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) [...]
Squeeze More Out of a Company SEP
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan [...]
Year-End Strategies to Lower Your Personal Tax Bill
The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal [...]
Plan Now to Reduce AMT Exposure
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase [...]
How the Tax Law Hits Charitable Giving
For charitable donors, the Tax Cuts and Jobs Act (TCJA) giveth and it taketh away. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under prior law, deductions [...]
Donate Appreciated Stock for Twice the Tax Benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know [...]
Tax Law Ends Alimony Deductions after 2018
In divorce situations, an ex-spouse may be legally obligated to make payments to the other party. Since payments are often substantial, locking in tax deductions for the payer has often [...]
Could “Bunching” Medical Expenses into 2018 Save You Tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you [...]
Tax Law Allows Employees to Defer Income from Equity-Based Pay
Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes [...]
Consider All the Tax Consequences Before Making Gifts to Loved Ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see [...]
Tax-free Fringe Benefits Help Small Businesses and Their Employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free [...]
Charitable IRA Rollovers May Be Especially Beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on [...]