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The tax impact of the TCJA on estate planning

The tax impact of the TCJA on estate planningThe massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers […]

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FEDERAL TAX POSTS FOR JUNE 11

Taxpayers who itemize deductions on their tax returns may get a tax benefit by donating money and items to qualified organizations, if they can prove the donations. In one case, the IRS denied some of the charitable deductions claimed by an aerospace engineer and his consultant wife due to inadequate proof, and the U.S. Tax […]

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FEDERAL TAX POSTS FOR JUNE 7

The Social Security “wage base” could increase to $132,300 for 2019. The Social Security Administration’s Office of the Chief Actuary (OCA) is projecting that the wage base will increase from $128,400 for 2018 to $132,300 for 2019. The wage base is the maximum amount of earnings subject to Social Security tax. Although the OCA has […]

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FEDERAL TAX POSTS FOR JUNE 8

The IRS has been told NOT to send debts of those with income less than 250% of the federal poverty level (FPL) to private debt collectors. National Taxpayer Advocate Nina Olson issued a directive ordering the IRS not to assign such cases to outside debt collectors. Olson said she’s concerned people will make tax payments […]

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Factor in state and local taxes when deciding where to live in retirement

Factor in state and local taxes when deciding where to live in retirementMany Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.Income, property and sales taxChoosing a state that has no personal income tax may appear to be the best […]

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Saving tax on restricted stock awards with the Sec. 83(b) election

Saving tax on restricted stock awards with the Sec. 83(b) electionToday many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might […]

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Sending your kids to day camp may provide a tax break

Sending your kids to day camp may provide a tax breakWhen school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!Dollar-for-dollar savingsDay camp (but not overnight camp) is a qualified expense under […]

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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 like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences.Home sale gain exclusionThe U.S. […]

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Do you need to adjust your withholding?

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 you were essentially giving the government an interest-free loan.That’s why a large refund for the previous tax year would […]

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Get started on 2018 tax planning now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for […]

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Recent Posts

  • Educate yourself about the revised tax benefits for higher education
  • The COVID-19 relief law: What’s in it for you?
  • IRS will be making millions of ”economic impact payments”
  • The next estimated tax deadline is January 15 if you have to make a payment
  • Can you qualify for a medical expense tax deduction?
  • Steer clear of the wash sale rule if you’re selling stock by year end
  • Taking distributions from a traditional IRA
  • How Series EE savings bonds are taxed
  • Disability income: How is it taxed?
  • Divorcing couples should understand these 4 tax issues
  • What tax records can you throw away?
  • There may be relief from tax liability for “innocent spouses”
  • Can investors who manage their own portfolios deduct related expenses?
  • Back-to-school tax breaks on the books
  • What happens if an individual can’t pay taxes
  • The tax implications of employer-provided life insurance
  • Are scholarships tax-free or taxable?
  • Take advantage of a “stepped-up basis” when you inherit property
  • After you file your tax return: 3 issues to consider
  • Some people are required to return Economic Impact Payments that were sent erroneously
  • What qualifies as a “coronavirus-related distribution” from a retirement plan?
  • If you’re selling your home, don’t forget about taxes
  • Seniors: Can you deduct Medicare premiums?
  • A nonworking spouse can still have an IRA
  • Did you get an Economic Impact Payment that was less than you expected?

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