New Tax Changes with Home Ownership
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…
Tax Planning and Analysis
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…
Itemize Deduction vs. the Standard Deduction
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…
Taxpayers with Children – New Tax Changes
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…
How Older Taxpayers Can Gain a Tax Benefit from Charitable Contributions Even if They Cannot Itemize
It's been estimated that the number of people who itemize will fall by more than half in 2018 because of changes made by the Tax Cuts and Jobs Act (TCJA;…
The Gift Tax Return
Many times, clients are surprised to find they must file a gift tax return, even when they don't owe gift or estate taxes. The IRS can impose penalties for not…