Information on taxes.


Expenses Under the TCJA May be more Expensive

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs…
tax limits

State & Local Tax Deductions Subject to New Limits

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had…
Personal exemptions and standard deductions and tax credits, oh my!

TCJA: Exemptions, Deductions and Tax Credits

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals,…
Life Insurance

Life Insurance: Estate Planning for Nontaxable Estates

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid…
Pass through business

New Tax Law: Pass-through Businesses Deduction

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting…

Can you Deduct Home Office Expenses?

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under…

Don’t be a Victim of Tax Identity Theft: File Early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17).…
Have you taken state estate taxes into accoun

Have you Taken Federal Gift & Estate Tax into Account?

The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the short…
Tax scam

W-2 Tax Scam

Watch out for the latest W-2 Tax Scam.  This Form W-2 phishing scam made victims of hundreds of organizations and thousands of employees last year. The IRS says the Form W-2 scam has emerged as one of the most dangerous phishing emails in…
bonus depreciation

The TCJA Temporarily Expands Bonus Depreciation

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year,…