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...
Who is in your tax household? Today, the makeup of households or people sharing a living space are more diverse them ever. A common feature of these units is that living expenses are incurred. The history of taxation is long and complex. A few things to note is...
Of the many life events you face, getting an increase in pay may be one of them. Then, the planning begins for the next big purchase, increasing savings or investing. Keep in mind that significant jumps in income can change your tax bracket. With this...
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...
What does your income tax return say about your finances? Many taxpayers may respond, “great question.” Then we may hear crickets (silence) sort of speak. Let this not be your response. With the enactment of the Tax Cuts and Jobs Act, we have a new...
The education of young people is a debated topic within our society. The Tax Cuts and Jobs Act authorized 529 plans (e.g., prepaid tuition) to pay for tuition for K-12 like private and religious schools. Parents will use this opportunity to send their kids to...
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...
Did you know that the U.S. tax institution started after acts of solidarity against paying British taxes? Whether you think that stance has been won or lost is a matter of perspective. Nevertheless, taxpayers have been paying federal income taxes since the 19th century. Tax law is...
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 above goal, note the following three tidbits of tax law you must know: Your filing status...
The upcoming tax season is rapidly approaching. Despite the shifts in Washington D.C. (and possible updates to the Internal Revenue Code), managing your tax records throughout the year is a best practice. Consider the below action items as you deal effectively with your tax records: ...