How High-Income Professionals Can Benefit from the Pass-through Deduction
Article Highlights: High-Income Professionals Specified Service Trade or Business Sec. 199A Deduction Defined Contribution Retirement Plans Defined Benefit Retirement Plans Tax Savings If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you may be able to use retirement plan […]
Major Tax Developments for 2013
Thomson Reuters released their list of major tax developments for 2013. We’ve placed it on our website for your convenience but you may also check it out at their website – Thomson Reuters. Taxable & Exempt Income IRS concludes that an incentive to health care professionals and hospitals for using electronic records is income to […]
How Is Your Credit Rating Doing?
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 […]
Disaster Casualty Losses
A disaster loss is actually a casualty loss that occurs in a geographic area that the President of the United States declares eligible for Federal disaster assistance. Disaster losses are also eligible for special tax benefits, which are discussed in this brochure. Note: Tax reform no longer allows a federal deduction for personal casualty losses other […]
Alternative Minimum Tax (AMT) Strategies
The Alternative Minimum Tax (AMT) is a tax that was originally intended to ensure that wealthier taxpayers with large write-offs and tax-sheltered investments pay at least a minimum tax. To accomplish this, Congress created a second (alternative) tax computation that adds back to income certain tax preferences and eliminates some deductions. Taxpayers then compute their […]
Surrogacy Fees and Taxes
Article Highlights: Surrogate Births Legal Arrangements Taxability to Surrogate Mothers Social Security Taxes Business Deductions Deductibility for the New Parents Articles about the taxability and deductibility of surrogacy fees are rare because there are far fewer surrogacies than with conventional births. Surrogacy is a legal arrangement in which a surrogate mother, new parents and (often) […]
Disabled Taxpayer Tax Benefits
Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of children with disabilities may also qualify. Listed below […]
Understanding Your Credit Rating
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 […]
Coverdell Education Savings Accounts – Planning Your Child’s Education
Overview of Coverdell Education Accountants These accounts, originally referred to as Education IRAs, have been available for over 15 years. These accounts are nondeductible education savings accounts. The investment earnings from a Coverdell account accrue and are withdrawn tax-free, provided the proceeds are used to pay qualified education expenses of the account beneficiary. Annual Contributions […]
Are You Prepared for a Disaster?
Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by […]