Business Tax Reform Planning Options
Tax reform enacted at the end of 2017 included many issues that small businesses should be aware of to ensure the best tax outcome when filing their 2018 tax re
Tax Reform
Moving Deductions are Kaput
Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the
Tax Reform Suspends the Tax Deduction for Employee Business Expenses
Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee busi
Tax Reform Adds Education Benefit
Tax law provides two tax-advantaged savings plans for the Qualified State Tuition Plan (commonly referred to as a 529 Plan). They are similar in that contributi
Not-Being-Insured Penalty Eliminated
Beginning in 2014, the Affordable Care Act, also known as Obamacare, imposed what a “share-responsibility payment” on taxpayers who did not sign up
Tax Reform Puts a Cap on Deducting Business Losses
Under the Act, deductible business losses of noncorporate taxpayers will be limited beginning in 2018. Many have misconstrued this new law to mean that no losse
Is Bunching Right for You?
The Act increased the standard deduction and placed new limitations on itemized deductions. Beginning with 2018 tax returns, the standard deductions will be:
Tax Reform Limits Exchanges to Defer Taxes
Whenever you sell business or investment property and have a gain, you generally have to pay tax on the gain at the time of sale. In the past, the tax code prov
Estate Tax Exemption Doubled Under Tax Reform
Leading up to the passage of the Act, there was considerable discussion about repealing the estate and gift tax. That didnât happen! But Congress did double t
Do You Use Your Vehicle for Business Purposes?
The IRS standard mileage rate for 2018 increased to 54.5 cents per mile.