Individual Income Tax – Page 10

Saving tax on restricted stock awards with the Sec. 83(b) election

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section […]

Saving tax on restricted stock awards with the Sec. 83(b) election Read More »

The TCJA changes some rules for deducting pass-through business losses

Income Tax, Individual Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct

The TCJA changes some rules for deducting pass-through business losses Read More »

Be aware of the tax consequences before selling your home

Income Tax, Individual Income Tax, Real Estate, Tax Considerations of Selling Your Home, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion

Be aware of the tax consequences before selling your home Read More »

Do you need to adjust your withholding?

Individual Income Tax, Refund, Tax Savings, Tax Withholdings / Douglas Freeman

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should

Do you need to adjust your withholding? Read More »

Get started on 2018 tax planning now!

Income Tax, Individual Income Tax, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings / Douglas Freeman

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for

Get started on 2018 tax planning now! Read More »

Tax record retention guidelines for individuals

Doucment Retention, Federal Income Tax, Income Tax, Individual Income Tax, Statute Of Limitations / Douglas Freeman

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard. The 3-year and 6-year rules At

Tax record retention guidelines for individuals Read More »

Individual tax calendar: Important deadlines for the remainder of 2018

Federal Income Tax, Income Tax, Individual Income Tax, Tax Calendar 2018, Tax Cuts and Job Acts (TCJA), Tax Savings / Douglas Freeman

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,

Individual tax calendar: Important deadlines for the remainder of 2018 Read More »

You still have time to make 2017 IRA contributions

2017 IRA, 401K, Income Tax, Individual Income Tax, Roth IRA, Tax Deduction / Douglas Freeman

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. Don’t lose the opportunity The 2017 limit for total contributions to

You still have time to make 2017 IRA contributions Read More »

Can you claim your elderly parent as a dependent on your tax return?

Adult Dependent Exemption, Assisted Living, Exemptions, Income Tax, Individual Income Tax, Nursing Home Deduction, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Deduction / Douglas Freeman

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is

Can you claim your elderly parent as a dependent on your tax return? Read More »

Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

Income Tax, Individual Income Tax, Repairs and Maintenance, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Deduction / Douglas Freeman

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related