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It's tax planning time!

Tue, May 29th 2018
Now is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it’s early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here’s a brief overview of some of the new tax issues that you need to plan for now.   #1 Income Tax rates for both individuals and small businesses have changed substantially. Income tax deductions have also changed drastically, including a near doubling of the... Read More »

Make Your Child's Summer Break a Tax Break

Mon, May 21st 2018
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: summer camp! Using the Child and Dependent Care Credit, you can be reimbursed for part of the cost of enrolling your child in a day camp this summer. Am I eligible? You, and your spouse if you are married, must both be working. Your child must be below age 13, your legal dependent, and live in your residence for more than half the year.... Read More »

Deduct Business Meals the Right Way

Mon, May 14th 2018
Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost? The answer is not so clear after the passage of the Tax Cuts and Jobs Act. Here are some tips to stay on the right side of the new rules:   Make clear it’s a business meal Before the tax reform law was passed, small businesses could deduct 50 percent of the costs of both business meals and entertainment with... Read More »

Tax Cuts and Jobs Act Update

Tue, May 8th 2018
The Tax Cuts and Jobs Act (TCJA) was passed by Congress in a hurry late last year, and the IRS has been working to implement the changes for 2018. Here are the latest answers to some of the most common questions about the tax overhaul:   Is home equity interest still deductible? The short answer is: Not unless you've used the money to buy, build or substantially improve your home. Before the TCJA, homeowners were able to take out a home equity loan and spend it on things other than their... Read More »

High tax states scheming to offset new tax law impact

Mon, Apr 30th 2018
The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be taken as itemized deductions without limitations. SALT includes both income and property taxes, so states where both are high such as New York, New Jersey and California are the most impacted. The new law caps SALT itemized deductions at $10,000, potentially creating a substantially increased tax burden for... Read More »

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