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 Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.Now is a good time to familiarize yourself […]

Why the “kiddie tax” is more dangerous than everOnce 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. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has […]

3 traditional midyear tax planning strategies for individuals that hold up post-TCJAWith its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some […]

Colorado cracks down on problems in the construction industry. CO Governor Gary Hickenlooper signed an executive order creating a joint enforcement task force to combat payroll fraud and employee misclassification. The task force combines leadership from several state agencies, including these CO departments: Labor and Employment, Revenue, Regulatory Agencies, and Personnel and Administration. The task […]

A Colorado hospital is denied a tax break. The Children’s Hospital of CO sought a property tax exemption for its day care center, which gave tuition discounts to some clients. The CO Court of Appeals affirmed the Board of Assessment Appeals’ denial, stating the center didn’t meet the statutory requirements for an exemption. One reason: […]

What you can deduct when volunteeringBecause donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.Donations of time or services aren’t deductible. It doesn’t […]

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 these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts.HSAsIf you’re covered by a qualified […]

While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%.The 0% rate generally applies to taxpayers in the bottom two ordinary-income tax brackets (now 10% and 12%), but you no longer have to be in the […]

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 […]

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 […]