Tax Tidings

This tax season has been eye-opening for taxpayers and tax professionals. The Tax Cuts and Jobs Act of 2017 (TCJA) changed many aspects of the tax code. Notably, the personal exemption was phased-out and several itemized deductions were reduced or eliminated. Further, the corporate federal income tax rate was...

Tax Day, April 17, has come and went. How did you do? With the signing of the Tax Cuts and Jobs Act, due diligence should be a forethought versus an afterthought. Below are best practices most taxpayers should consider: Implement processes to preserve your important documents. There is a...

Education of young people is a debated topic within our society. The Tax Cuts and Jobs Act has a provision for 529 plans (e.g., prepaid tuition plans) to pay for K-12 tuition including private and religious schools. Many parents will use this opportunity to send...

Have you heard the phrase “it would take an act of Congress” to get something changed? Well, Congress  acted in December 2017 and passed the Tax Cuts and Jobs Act. Most taxpayers such as individuals and businesses are affected by this legislation. Below are three tax law changes that...

The scope of the tax code is noteworthy. Despite this fact, filing an accurate, complete income tax return saves you time and money. In a desire to reach the aforementioned goal, note the following three tidbits of tax law you must know: Each taxpayer’s filing...

Do you feel like “the hardest thing to understand in the world is the income tax (Albert Einstein)?” Yes, federal and state income tax laws are complex. Taxation in the United States of America (and internationally) is evolving. As you pursue meeting your tax obligations,...

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