Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by […]
Tax Reform Eases the Alternative Minimum Tax –But It’s Still There
Article Highlights: What Is AMT? AMT Triggers Medical Deductions Deduction for Taxes Paid Home Mortgage Interest Miscellaneous Itemized Deductions Personal Exemptions Standard Deduction Incentive Stock Options 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 lessened the effects […]
Tax Reform 2.0 Is in the Works
Article Highlights: Tax Reform 2.0 House Ways and Means Committee Talking Points Prognosis 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 considering another round of tax changes. The committee chair, Kevin Brady, Republican from […]
September 2018 Individual Due Dates
September 1 – 2018 Fall and 2019 Tax Planning Contact this office to schedule a consultation appointment. September 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 […]
States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Article Highlights: Four States Sue Federal Government High-Tax States Challenging the $10,000 Itemized Deduction for State and Local Taxes Charitable Deduction Work-Around Substance over Form Proposed IRS Regulations to Counter Work-Arounds Taxpayers Should Exercise Caution Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform […]