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

Tax reform impact on the mortgage interest deduction

Prior to the Tax Cuts and Jobs Acts (TCJA), it was almost a given that owning a home was a great tax strategy thanks to the mortgage interest deduction and other tax benefits. After the passing of the TCJA, the decision to purchase a home requires more analysis. Several changes to the tax law indirectly …

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Roth IRA conversion: new tax law impact

Recently, I received a call from a client that is required to make minimum distributions (RMDs) from his traditional IRA. He wanted to know if he could satisfy his RMD requirement by converting an amount equal to the RMD to a Roth IRA. A Roth IRA conversion seems like a logical way of satisfying the …

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Section 199A rules for trusts and estates

There has been much to say about the new Section 199A deduction created by the Tax Cuts and Jobs Act (TCJA). It is important to understand that Section 199A provides a deduction of up to 20% of qualified business income (QBI) from a domestic business and applies to all non-corporate taxpayers including trusts and estates. …

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How to maximize your charitable giving

Are you maximizing your benefit to yourself and others with your charitable giving? There are many reasons to not name a charity in your will or trust – the benefits are often greater by incorporating charitable giving elsewhere. Lifetime giving There are many benefits to gifting to charities during your lifetime rather than waiting until …

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Business taxes: year-end tax planning checklist

With year-end rapidly approaching, below are a few reminders for business taxes. These changes and strategies may affect your business in 2018. Be sure to discuss these with your tax professional! Biggest change in 2018? The 20% deduction offsetting income from Partnerships, LLCs, S Corps, self-employed (Schedule C) and rental businesses. The 20% deduction is …

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Tax planning: 2018 year-end checklist

Only one month remains in 2018, but you still have time to think about your 2018 taxes. Consider if these tax planning items could affect you and your family. Will you claim the standard deduction or itemize in 2018? The standard deduction has gone up to $12,000 for single filers and $24,000 for married filing …

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Taxation of market discount bonds clarified

In guidance that became applicable as of January 1, 2018, the IRS has recently clarified that section 451(b) of the new Tax Cuts and Jobs Act (TCJA) does not apply to market discount bonds as some taxpayers and tax practitioners had feared. A market discount bond is fairly common and one in which a taxpayer …

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10 holiday shopping tips to shop wisely, protect your info

The holiday shopping season is in full swing. Whether you’re hitting the retail stores or doing all your shopping online, you want to shop wisely and protect your personal information. The FTC has a few holiday shopping tips to help you. Make a list (and check it twice!) as well as a budget. This will …

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IRS per diem rates 2019 for business travel expenses

The IRS recently announced the updated per diem rates for taxpayers’ usage of meals, lodging and incidental expenses while traveling for business. The rates became effective October 1, 2018. To begin, let’s clarify the usage of per diem rates. A company chooses to use per diem for travel as an alternative to reimbursement based on …

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Annual gift tax exclusion amount released

The IRS has released the annual gift tax exclusion. For 2018 and 2019, the amount is increasing to $15,000. What does this mean for gifts you make? Each year, you can gift up to $15,000 per person before the gift is considered taxable and without being required to file a gift tax return (Form 709). …

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