Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes
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Tax Reform
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When To Claim a Disaster Loss
Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricane
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Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
Those who have a large capital gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of
Medical Insurance and Taxes
The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax
Tax Reform Dealt Teachers a Raw Deal
It is quite common for teachers to spend their own money on classroom supplies â so common, in fact, that a few years back, Congress created a special deducti
How High-Income Professionals Can Benefit from the Pass-through Deduction
If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you m
SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn
Tax reform has limited the federal itemized deduction for state income and local government taxes (including property taxes), collectively referred to as the SA
Tax Reform 2.0 Is in the Works
The dust has not yet settled from the Tax Cuts and Jobs Act (TCJA), passed into law in December 2017, and the House Ways and Means Committee is already consider
Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they less
Kiddie Tax No Longer Based on Parents’ Tax Rate
Some years back, it was not uncommon for parents to put their investments in their dependent children’s names to take advantage of their children’s