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The elimination of Miscellaneous Itemized Deductions that are subject to the 2% floor under the Tax Reform Act applies to Estates and Trusts. This includes Tax Preparation fees (unless they can be allocated to Schedules C, E, or F), Fiduciary fees, Investment advisory fees, or Asset management fees. There is

How to get the greatest tax deduction The first question to ask is, “With the increase in the standard deduction, will I still benefit by itemizing my deductions?” If not, you may, in effect, lose your charitable contribution deduction. There are several ways to continue donating to your favorite charitable

If you currently own a home or are looking to purchase a home, you need to be aware of the tax changes that will impact your home tax deductions. You can review your 2017 Schedule A for the amounts you paid and how this may change for 2018. State &

September typically marks the beginning of “tax planning season” for many clients, especially business owners, who are trying to get a handle on their upcoming tax obligations. Below is some information about what you can expect in terms of tax planning and analysis. First of all, tax planning or analysis

Another new tax law change: The standard deduction for tax year 2018 almost doubled from 2017. With this increase, along with the changes to itemized deductions, the IRS predicts that more people will take the standard deduction. On your personal tax return each year you have the choice of taking

The Tax Cuts and Jobs Act made sweeping changes that impact deductions and credits related to family and dependents. Personal and Dependent Exemptions In 2017, you were allowed an exemption for yourself, your spouse and any eligible family members such as children. The amount was $4,050 per person in 2017.