A special tax break allows elementary and secondary educators to take an above-the-line deduction for up to $250 of out of pocket expenses.
Monthly Archives: August, 2018
Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses
August 27th, 2018 by Douglas Freeman
Posted in IRA, Tax Planning, Tax Savings
Tags: 401K, SIMPLE IRA, Tax Deferred
SIMPLE IRAs are available to businesses with 100 or fewer employees. As the name implies, these plans are simple to set up and administer.
Play your tax cards right with gambling wins and losses
August 21st, 2018 by Douglas Freeman
Posted in Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA)
Tags: Casino, Gambling, Lotteries, Race Track, Taxable Income
For those who enjoy gambling as a hobby, as a professional or only on occasion, be sure you understand the tax hand you’ve been dealt. The TCJA could make the consequences a little different from last year.
Assessing the S corp
August 20th, 2018 by Douglas Freeman
Posted in Compensation, Qualified Business Income Deducton (QBI), Shareholder, Tax, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings
The S corporation has been one of the most popular business structures, due to its combination of liability protection and tax benefits.
Keep an eye out for extenders legislation
August 15th, 2018 by Douglas Freeman
Posted in Bipartisan Budge Act of 2018, Income Tax, Internal Revenue Service, PATH Act, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Reform 2.0
Tags: AGI (Adjusted Gross Income), Lifetime Learning Credit, Loan Forgiveness, Mortgage Insurance, Tuition expenses
Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness, and college tuition? Even if it doesn’t, you may still be able to benefit on your 2017 return.
Choosing the right accounting method for tax purposes
August 13th, 2018 by Douglas Freeman
Posted in Accrual Method of Accounting, Cash Method of Accounting, Hybrid Method of Accounting, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Tax Withholdings
Tags: accounting, Accrual, Cash Based Business, Cash Flow, Hybrid Method, Tax Advantages
The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
August 7th, 2018 by Douglas Freeman
Posted in Federal Income Tax, Income Tax, Individual Income Tax, IRA, Roth IRA, Tax Cuts and Job Acts (TCJA)
Tags: Recharacterize, Roth, Traditional IRA
There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.
An FLP can save tax in a family business succession
August 6th, 2018 by Douglas Freeman
Posted in FLP (Family Limited Partnership), Gift Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings
Tags: Business Income, Limited Partnership, Succession Planning, Tax Benefits, TCJA
or owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk-free.
Do you still need to worry about the AMT?
August 1st, 2018 by Douglas Freeman
Posted in AMT (Alternative Miminum Tax), Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Ordinary Income Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings
Tags: AMT, Individual Income Tax, TCJA
The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see our AMT planning tips.
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