Why You Should Keep Home Improvement Records
Article Highlights: Home gain exclusion amounts Home cost Reasons to keep home improvement records Records may be required to avoid tax Which records to keep and for how long When the sales price, net of selling expenses, is more than the cost of an individual’s primary home the resulting gain would be taxable if not […]
Tax Reform Special Report
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 Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction
Article Highlights: 20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an […]
Home Energy Audit Tax Benefits
Article Highlights: Home Energy Improvements & Tax Credits Home Energy Audit Annual Credit Limit Non-Refundable Credit Improvement Category Limits $1,200 Annual Credit limit Improvements $2,000 Annual Credit limit Improvements Energy Property Qualifications Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income […]
Only 10 Days Left for 2017 Tax Deductions
Article Highlights: You can still take action to reduce your 2017 tax bill. Such actions must be completed before the end of 2017. Deductible expenses paid by credit card are deductible in the year they are charged. As the end of the year is getting close, this is a reminder that Sunday, December 31, is […]
Tax Reform and Your Taxes
Article Highlights: Personal Exemptions Standard Deductions Itemized Deductions Medical Taxes Home Mortgage Interest Charity Casualty Losses Employee Business Expenses Tax Rates Child Tax Credit Well, the Tax Cuts and Jobs Act (H.R. 1) has passed, mainly starting in 2018, and if you are confused by how this new law will impact you, you’re not alone. […]
Tax Deductions for Educators
Professional Fees & Dues:Dues paid to professional societies related to your educational profession are deductible. These could include professional organizations, business leagues, trade associations, chambers of commerce, boards of trade and civic organizations. However, dues paid for memberships in clubs organized for business, pleasure, recreation or other social purpose are not deductible. These could include […]
When Renting No Longer Makes Sense: A Financial Perspective
We often encounter clients who are at a crossroads: should they continue renting or take the plunge into homeownership? While renting offers flexibility, there comes a point when it may no longer make financial sense. This article will explore the tax implications, the impact of after-tax dollars, and current market conditions to help you determine […]
2018 Pocket Tax Guide Online Edition
It has been a busy time for tax-related news and upcoming changes. We have compiled many of the tax changes, deductions and tax rates for easy reference year round. It is more important than ever to plan ahead and review your options to maximize your financial results. Also please visit our side-by-side comparison of 2017 […]
Do You Own a Specified Service Trade or Business? If So, Your 20% Flow-Through Tax Deduction May Be Limited
Article Highlights: 20% Flow-Through Deduction Qualified Trade or Business Specified Service Trade or Business Deduction Table Listing of Service Businesses As part of its recent tax reform, Congress included a new 20% deduction of pass-through income for trades or businesses other than C-corporations. This pass-through income is referred to as qualified business income (QBI); […]