Get Those Kids a Job, and Take Advantage of Tax Breaks
Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of
Tax Central
Tax Reform
States’ SALT Deduction Workarounds Shot Down
The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized dedu
Tax Central
Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note
Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result,
For Business
Employees’ Fringe Benefits after Tax Reform
Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits,
Looking To Invest
Defer Gains with Qualified Opportunity Funds
If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it fro
For Business
Increased Business-Vehicle Deductions Due to Tax Reform
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Be
Health Care Reform
Relief from the Affordable Care Act Penalty for Not Being Insured
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual share
Tax Central
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alter
Disappointed in Your Tax Refund?
If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is payin
Tax Central
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and re