How to Improve Your Credit Score
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Several Ways to Defer the Tax on Gains
Article Highlights: Tax Deferred Exchanges Installment Sales Qualified Opportunity Funds When a sale of a business or investment property results in a gain, the seller is typically taxed on that gain during the year of the sale, even when the gain was generated over many years. However, the tax code provides opportunities to spread this […]
Vacation Home Rentals: How the Income Is Taxed
Article Highlights: Home never rented Home rented for fewer than 15 days Home rented for at least 15 days with minor personal use Home rented for at least 15 days with major personal use Vacation home sales If you have a second home in a resort area, or if you have been considering acquiring a […]
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
Article Highlights: Pre-Tax Reform Home Mortgage Interest Deductiono Home Acquisition Debto Home Equity Debt Tax Reform Mortgage Interest Deduction Changeso Home Acquisition Debto Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property […]
Relief from the Affordable Care Act Penalty for Not Being Insured
Article Highlights: Tax Reform Penalty for Not Being Insured Premium Tax Credit Employer Penalty Coverage Exemptions Hardship Exemptions Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as […]
Surprised By the Kiddie Tax? There Are Ways To Avoid It!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
You Still Have Time!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Disappointed in Your Tax Refund?
Article Highlights: Average Refund Down Tax Filings Down Effects of Lower Refunds Actual Tax Generally Lower How This Happened If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 […]
You Can Still Change Your Mind!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Are You Missing a W-2?
Article Highlights: Missing W-2 Contact the Office Contact the Employer Contact the IRS Prepare a Substitute W-2 File on Time or Get an Extension W-2 Withholding Have you received all of your W-2s? These documents are essential for completing individual income tax returns, as they include the taxable amount of your wages and the amount […]