Before the Tax Cuts and Jobs Act of 2017 bill was passed, buying a home was a big incentive to taxpayers looking to reduce their annual taxes. While some states do have a benefit calculation on rental costs, and home office users can add rental costs to their expenses, for
Most taxpayers file on a "cash basis" & any tax planning must be done prior to year-end, typically before December 31st. Making changes next January won't affect most 2018 tax issues.
Most of us have heard of the term Alternative Minimum Tax, Alt Min Tax, or AMT. But what is it? Alternative Minimum Tax is a tax system that parallels the standard tax systems and adds an additional level of taxation to baseline income tax for certain individuals, corporations, estates and trust. Traditional tax is adjusted for certain items
While alternative education paths are on the rise, a traditional education track is still the most readily available to most high school graduating classes. However, college, professional, and graduate schools are more costly than ever. The cost of higher education surged more than five hundred percent since 1985. In fact, higher education co
When most people think of foreign accounts, they think of ex-pat living overseas and utilizing banks for the accumulation of their payments. However, many taxpayers may also be subject to the federal Foreign Bank and Financial Accounts or FBAR reporting without realizing it. The United States Treasury Department’s
As technologies advance and real estate costs increase, more and more companies are moving towards allowing workers to telecommute. With the advantages of having remote employees, comes the question of how these employees interact with the company resources. While many companies choose to provide workers with computers and cellular phones, tec
With the change in the season and the return of fall, many people begin the act of making their homes less cluttered, and we will all begin to get donation requests in the mail. As the weather cools, we tend to turn an eye towards end of year tax moves as well. The Tax Cuts and Jobs Act of 2017 brought about many changes in how businesses and
Until the inception of the Tax Cuts and Jobs Act, entity selection by businesses was a fairly easy decision. In most cases, businesses chose a form of pass-through entity, given the high tax rate of thirty-five percent given to C corporations in the past. With the new
When we are working, taxes are a part of daily life and influence the considerations that we take in our spending habits. Once we start thinking about retiring, we often forget to add in taxes as a component to our thought process. It is important to understand your tax situation in retirement prior to retiring so that you will be ready when t
