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 [...]
Going Green: Save Tax by Saving Energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the [...]
Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund [...]
Be Aware of the Tax Consequences Before Selling Your Home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things [...]
Do You Need to Adjust Your Withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means [...]
Capital Gains Rates Before and After the New Tax Law
Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you [...]
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others [...]
Absorbing a Business? Realize Payroll Tax Savings
Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
2018 Q2 Tax Calendar: Key Deadlines for Businesses and other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
Home-related tax breaks are valuable on 2017 returns, but will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a [...]
Leasing Property to Your C Corp
It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]
Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 [...]
Size of Charitable Deductions Depends on Many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more [...]