The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer: 1. Host an Outing for Employees Under prior law, businesses could deduct 50% of the cost of its entertainment and meal … [Read more...] about 6 Cool Ways to Save Taxes During the Hot Summer Months
What are the advantages of a Deferred Sales Trust (DST)? The Deferred Sales Trust, or DST, provides a unique exit strategy for an appreciated business or piece of real property. A component of the DST is the use of an installment sale strategy to defer and manage the tax obligations that come with the sale of an appreciated asset. Some of the negative features of the traditional way an … [Read more...] about Is a Deferred Sales Trust Right for You?
Are you age 50 or older? If so, you can currently make extra "catch-up" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth. Unfortunately, many people are unaware of this retirement savings bonus. Here's what you need to know to reap the benefits. The Basics Eligible … [Read more...] about Retirement Account Catch-Up Contributions Can Add Up
The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things out. Let's start with a basic overview of what's covered in the new law. … [Read more...] about Landmark Tax Reform Bill Passes
President Trump and Republican members of Congress say the Tax Cuts and Jobs Act (TCJA) will bring $3.2 trillion in tax cuts. Now that the bill has passed, everyone wants to know how much they'll save. Unfortunately, the tax bill won't be good news for everyone. Here's a comparison of how tax results for a typical family of four might be affected by the tax law changes, which generally are … [Read more...] about How Might the New Tax Reform Law Affect You?
As year end approaches, you may be thinking about making some charitable donations. Here's a rundown of the potential tax breaks for your generosity. Donating Clothing and Household Items When it comes to your old clothes, furniture, linens, electronics, appliances, and the like, the general rule is that you can claim deductions only for items in "good condition or better." However, … [Read more...] about Give Back and Save Taxes with Charitable Contributions
Feeling the urge to purge? April 18, 2017, was the deadline for individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension). Before you clear your filing cabinets of old financial records, however, it's important to make sure you won't be caught empty-handed if an IRS auditor contacts you. Still Not a Paperless Society E-filing is on … [Read more...] about Spring Cleaning: When Can You Purge Your Old Financial Records?
Are you an "experienced" taxpayer? Here are a couple of age-based tax breaks that seniors shouldn't overlook when filing their 2016 returns. 1. Claim Your Rightful Medical Expense Deductions If you're 65 years of age or older, you may have fallen into the habit of automatically claiming the standard deduction instead of itemizing your deductions. Taking the standard deduction is often the … [Read more...] about Tax Breaks Seniors Should Not Overlook