Blog
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Year-End Business Tax Planning
With the new tax law in affect for this year, tax planning is more crucial than ever. Most small businesses will now qualify for a new Qualified Business Income (QBI) deduction. This is a deduction you will get on your …
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Thanksgiving Holiday
Thursday is Thanksgiving and we all know that means none of the desserts that we eat that day have any calories! With the cold weather and snow so early this year, it will be a perfect time to stay inside …
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Retirement Contributions in 2019
The Treasury Department has decided to help retirement savers in 2019, with many of the contribution limits receiving inflation adjustments. IRS Notice 2018-83 gives the exact figures, but we have pulled out the more common retirement options. • The IRA …
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Healthcare Marketplace is Now Open
The Health Insurance Marketplace officially opened on November 1 and will be available through December 15. Now is the time to shop for new Marketplace coverage or you may choose to stay with your current plan. You can access the …
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Tax Autopsy
Back in 2008, 2009, and 2010 I did quite a few tax returns that were really tax autopsies. I seem to do fewer returns of this nature today; however, I unfortunately still do several of these each year. To me …
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1031 Exchanges
The IRS allows the sale of your primary residence to be free from taxes if you have lived there two out of the last five years and the profit is $500,00 or less for a married couple filing jointly or …
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Lowering your Adjusted Gross Income (AGI)
There are just a few months left before the end of 2018. For those with health insurance subsidies through the Marketplace, your AGI (adjusted gross income) and family size determines whether you qualify for the subsidy and how much the …
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Home Equity Interest Deduction
Before the Tax Cuts and Jobs Act of 2017, home equity interest was largely deductible. New for 2018 the only home equity interest that is deductible is debt that was incurred to purchase, build or substantially improve the home that …
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Labor Day Holiday
Can anyone believe it is already the “unofficial” end of summer? Where has the time gone? We hope everyone had a fun and safe season! School is back in session and it is time to get ready for bonfires and …
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Child Tax Credit for 2018
As the Tax Cuts and Jobs Act has been implemented in 2018, tax reform has made some taxpayer-friendly changes to the Child Tax Credit. The credit taxpayers receive has doubled from $1,000 to $2,000. The Child Tax Credit has higher …
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