Electric Vehicle Credit on the Decline
Article Highlights: Tax Credit Credit Phase-Out Tesla General Motors Determining the Credit Off-Road Vehicles and Golf Carts Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage Back in 2009 Congress created a tax credit for the purchase of electric vehicles as a stimulus for car companies to manufacture “green” vehicles and as […]
Has Your 2012 Roth-Converted IRA Declined in Value?
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 […]
Donor Advised Funds Provide Tax Benefits
Article Highlights: Donor-Advised Fund Itemized or Standard Deductions Sponsoring Organizations Tax Benefits Bunching Strategy High Income Years Donating Appreciated Assets If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised fund […]
How to Save for a Child’s College Education
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 […]
June Estimated Tax Payments Are Just Around the Corner
Article Highlights: Employees Self-Employed Individuals Individuals with Sources of Income Without Withholding Quarterly Payments Underpayment Penalty Safe Harbor Payments June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time […]
Flipping Homes – A Reviving Trend in Real Estate
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 […]
Household Help: Employee or Contractor?
Article Highlights: Household Employee Definition Employee Control Factors Self-employed or Employee Withholding Requirements Reporting Requirements Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether […]
Installment Sale – a Useful Tool to Minimize Taxes
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 […]
States’ SALT Deduction Workarounds Shot Down
Article Highlights: Limit on Tax Allowed as an Itemized Deduction States’ Attempted Workarounds Supreme Court Ruling Final Regulations Notice 2019-12 The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax […]
Would a Mid-Year Tax Checkup Benefit You?
Article Highlights: Procrastination Can Lead to Unneeded Taxes & Penalties Events That Create Tax Problems & Opportunities Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and […]