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 [...]
Tax Reform: Which Changes Are Temporary vs. Permanent?
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]
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 [...]
New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. [...]
Get a Letter from the IRS? Here’s What You Need To Know
Information from IRS.gov Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions [...]
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, but 2017 Conversions Are Still Eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes [...]
Watch Out for Unfavorable ‘Related Party’ Rules
Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal [...]
Do you still need to worry about the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax [...]
Why the “Kiddie Tax” is More Dangerous Than Ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. [...]
Tax-Free Gain Rollovers for QSBC Stock Sales
Sales of qualified small business corporation (QSBC) stock may potentially be eligible for a gain exclusion. But that's not all. There's also a tax-free stock sale gain rollover privilege — similar [...]
Close-up n the New QBI Deduction’s Wage Limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The [...]
New Tax Law Boosts Appeal of Qualified Small Business Corporations
Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that's acquired [...]
Saving for Your Child’s Education With a Section 529 Plan
The cost of college continues to rise. If saving for your child's education is on your mind consider the advantages of Section 529 plans. These saving vehicles include both prepaid [...]
TCJA: What You Need to Know
Over the past several months, we’ve digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well [...]