Looking Ahead to 2019 Taxes
Article Highlights: Solar Credit Plug-In Electric Vehicle Credit Penalty for Not Having Health Insurance Medical Deduction Restrictions New Alimony Rules Standard Deduction Increase Increased Retirement Contributions Federal Tax Brackets Increase You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact […]
What’s Best, Tax-Free or Taxable Interest Income?
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 […]
Article Highlights:
Over the years, Congress has continued to enhance tax breaks for students and their parents. These tax benefits provide taxpayers with a large number of options for tax-favored financing of their education and the education of their family members. This brochure highlights the various education benefits included within the U.S. income tax system. Coverdell Education […]
Basis Is An Important Tax Term!
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 […]
How to File Taxes After Saying ‘I Do’
Article Summary: Filing Options Married Filing Jointly Unpleasant Consequences Pleasant Consequences Married Filing Separately Notifying SSA, IRS, employers Other Issues to Consider A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the […]
Facing a Huge Gain from a Realty Sale?
Article Highlights: Adjusted Basis Passive Loss Carryovers Installment Sale Tax-Deferred Exchange Tax on Net Investment Income Qualified Opportunity Fund Home Sale Exclusion If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the […]
Does Your Tax ID Number Need to be Renewed?
Article Highlights: Expiring ITINs IRS Currently Accepting Renewal Applications Family Renewal Options How to Renew Common Errors to Avoid According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment […]
Should You Be Converting Your Traditional IRA Into a Roth IRA before Year’s End?
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 […]
ArticleAbove-the-Line Education Tax Deduction Reinstated Highlights:
Article Highlights: Appropriations Act of 2020 History of the Deduction Other Education Expense Benefits Which Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after […]
Wash Sales Could Take You to the Tax Laundry
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 […]