Your Guide to State, Local, Federal, Estate + International Taxation

Medical expense deduction changes under new tax law

From 1986 until 2013, the rules for deducting medical expenses remained unchanged. Expenses were only deductible to the extent that they exceeded 7.5% of a taxpayer’s adjusted gross income (AGI). This resulted in a tax deduction for only a small percentage of taxpayers with high medical expenses. One of the provisions of the Affordable Care …

Keep Reading

RIP miscellaneous itemized deduction

If at the end of the year you dutifully compiled your business expenses for items not reimbursed by your employer, looked up the safe deposit box fee you paid for last year and unfolded the invoice from last year’s tax preparation to provide to your tax professional to claim a miscellaneous itemized deduction, you can …

Keep Reading

IRS extends deadline to provide forms 1095 to employees

As it did last year, the IRS has extended one of the due dates for the 2017 information reporting requirements under ACA (Affordable Care Act) for insurers, self-insuring employers and certain other providers. The IRS extended the due date for furnishing the 2017 Form 1095-B and the 2017 Form 1095-C to individuals to March 2, …

Keep Reading

New small business/pass-through rules – Part 3

Welcome back for the final installment in the first part of the discussions on the pass-through deduction. If you missed our intro to this topic or the great examples we provided, check out our previous blog posts to get up to speed on this complex but exciting topic. Specified service qualified business income For certain trades …

Keep Reading

New rules for small businesses, pass-throughs – Part 2

The new tax law means major changes to the rules for small businesses and pass-through entities. Today, I will give examples of the change. If you missed our intro to this topic, just click here. Example #1 – Taxable income less than $315,000 married filing joint (MFJ) Taxable Income: 300,000 QBI: 200,000 W-2 Wages from …

Keep Reading

New small business/pass-through rules

My head hurts – here’s how to determine if your business bank account will too If you’re like me, and require one (or four) cups of coffee to get going in the morning, you may want to put on a fresh pot for this blog. While I was under the impression that homework over winter …

Keep Reading

Business use vehicles: potential new tax law impact

The new tax law is drafted and should be voted on this week. How will it impact your business? Some of the potential modifications will enhance your ability to depreciate certain business assets, such as business use vehicles. Below are a couple of the major updates and how they would impact your business vehicles (please …

Keep Reading

Depreciable assets: potential new tax law impact

Are you aware of the potential new tax law and how it may impact your business? Some of the potential changes deal with the modification of rules for expensing certain depreciable assets. Below are a couple of the major updates that have made it through conference agreement and are yet to be voted on this …

Keep Reading

Tax reform: how we got here and what it means for you

This time of year is typically chaotic with the holidays, last-minute shopping and family gatherings. Oh, and then if you are a tax practitioner, such as myself, you have the additional gift from Congress in tax reform. That’s right. The President signed into law last Friday The Tax Cuts and Jobs Act. This is the …

Keep Reading

Prepayment of state taxes for 2017

The Tax Cuts and Jobs Act of 2017 (TCJA) is expected to be signed into law by President Trump before Christmas. The bill either eliminates and/or modifies many of the itemized deductions we currently have – including state taxes. One of the items that affects many taxpayers and needs to be addressed immediately is the …

Keep Reading