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

Tax Time: Gambling winnings and losses

With the current Mega Millions jackpot being $1.6 Billion (you read that right, Billions with a B) and the Powerball being $620 million. This massive windfall can pop up in your daydreams, but not considering the tax consequences of these and all other gambling winnings could make those dreams a little less sweet. In addition, …

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Section 199A: Calculating the QBI deduction

The Section 199A deduction, also known as the pass-through deduction, will be able to provide significant tax savings to business owners, that is, if they are able to claim it. The provisions and calculations for the deduction are very complicated. At its simplest, the deduction is 20% of qualified business income, QBI (ordinary business income, …

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QBI deduction: de minimis rules related to SSTBs

With the new proposed regulations for Section 199A regarding the 20% tax deduction for Qualified Business Income (QBI), there have been many concerns and questions, especially since this deduction isn’t available to owners who have more than $315,000 of taxable income and have income from a business that is considered a Specified Service Trade or …

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SSTB: What is considered a specific trade or business?

You may have already heard that with the new tax laws that went into effect for the 2018 tax year, there is this awesome 20% deduction for pass-through income (a.k.a. K-1 reporters). If you have not, please see our previous blogs on this deduction (here, here and here) for more information. Did you read them? …

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Section 199A deduction aggregation rules

The proposed regulation Section 1.199A-4 contains the information on aggregation rules between trades or businesses that can be grouped when applying the Section 199A rules. Take note: the aggregation rules are not related to the grouping rules under Section 469 regarding passive loss provision. The overall goal with the regulation is to execute a duty …

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QBI implications and the impact on your deduction

As you may be aware, the Tax Cuts & Jobs Act was signed into law in December of 2017 and one of the key features of this new legislation is a 20% deduction for certain pass-through income. While this will benefit many taxpayers, there are several considerations to be aware of … some good, some …

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Free credit freeze, free yourself of fraud

After the massive Experian data breach, and others, consumers continue to look for ways to protect their personal information from fraudsters. Getting a security/credit freeze put on your credit file is one line of defense. Having a credit freeze on your credit file stops a criminal from opening a credit card or credit line in …

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New rules for claiming AZ state tax credits

Arizona recently released some new rules for claiming credits for contributions that will take effect for the 2018 tax year. The affected forms are: Arizona Form 322, Credit for Contributions Made or Fees Paid to Public Schools Form 321, Credit for Contributions to Qualifying Charitable Organizations (QCO) Form 352, Credit for Contributions to Qualifying Foster …

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Scams targeting your info ahead of tax deadline

If you filed for an extension on your taxes, you’re probably finalizing all your information for the October 15 deadline. But those last-minute details aren’t the only thing you need to be concerned with. The IRS is warning taxpayers that criminals are still after your personal information and money. Scams are on the upswing right …

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New employer tax credit for paid family, medical leave

The birth or adoption of a son our daughter, caring for a relative with a serious health condition, dealing with your own serious health condition, caring for an injured member of the military or a qualifying exigency (as the Secretary of Labor shall by regulation, determine), can all translate to the loss of time available …

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