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…
What’s New for 2018: Game-Changing Tax Overhaul in Place for Individuals – Part II
The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have been repealed or suspended, with many new ones going into…
What’s New for 2018: Game-Changing Tax Overhaul in Place for Individuals – Part I
The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have been repealed or suspended, with many new ones going into…
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