Family Home Loan Interest May Not Be Deductible
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 […]
Divorce and the New Tax Law Brings a Plethora of Tax Planning Decisions
Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Medical Insurance Earned-Income Tax Credit Alimony If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset division, […]
Home Ownership – Your Best Tax Shelter
Homeowners Receive Big Tax Breaks Home ownership can provide you with important tax benefits: Deductions for real estate taxes and home mortgage interest, and Gain exclusion if you meet certain occupancy and holding period requirements. If you install a solar electric system on your residence before 2022, you can qualify for a substantial tax credit. […]
Tax Deductions for Airline Flight Crew Personnel
Professional Fees & Dues:Dues paid to professional societies related to your occupation are deductible. Deductions are allowed for payments made to a union as a condition of initial or continued membership. Such payments include dues, but not those that go toward defraying expenses of a personal nature. However, the portion of union dues that goes […]
Thinking of Becoming a Real Estate Flipper? Here’s a Primer on the Tax Rules
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 […]
Preparing for Taxes for 2018 and Beyond
Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for […]
Education Credits Aren’t Just For Children’s Tuition
Article Highlights: Overview Eligible Education Expenses Credit Qualifications American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit If you think that education credits are just for sending your children to college, think again; the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your […]
What Are the Tax Advantages of Home Ownership?
Article Highlights: Historically Low Interest Rates Purchase Costs Points Mortgage Payments Refinancing Property Taxes Inflation Gain Exclusion Renting Versus Owning Worksheet to Analyze Costs Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average […]
Household Employees and Your Taxes
Employment Tax Responsibilities for Employers of Household Workers Household employees are workers you hire for “domestic services,” i.e., those services performed in and about your home. Duties of cooks, butlers, housekeepers, governesses, maids, valets, babysitters, caretakers, gardeners, janitors, or personal chauffeurs all can qualify as “domestic services.” Not everyone you hire for work at your […]
How Coverdell and 529 Education Savings Plans Differ
Article Highlights Coverdell Education Savings Accounts Qualified State Tuition Programs (Sec 529 plans) Savings Contribution Limits Gift Tax Issues The tax code provides two primary advantageous ways of saving for your children’s education. We frequently get questions about the differences between the programs and about which program is best suited for a family’s particular needs. […]