With tuition costs rising each year, setting aside funds for college can be a daunting task. Here are a few options that may lessen the financial burden of college in a tax-savvy way: Section 529 plan Consider putting after-tax money into a Section 529 college savings account. Contributions aren’t deductible,… Read More»
With the near doubling of the standard deduction amount to $12,000 for single filers and $24,000 for joint filers this year, a new itemizing strategy is emerging. The idea is being called bunching by some and it is a potential strategy every taxpayer should understand. How bunching helps to minimize… Read More»
The House and Senate passed the Tax Cuts and Jobs Act (TCJA) bill in December 2017 and President Trump signed the law into effect. This large tax reform package will lower tax rates on corporations, passthrough entities, individuals, and estates, move the US toward a territorial-style system for taxing foreign-source… Read More»
Tax planning for small business owners isn’t restricted to the end of the year. There is plenty you can do in the summer months to reduce your 2016 tax liability. Here are six moves to consider now. Business Equipment Thanks to recent legislation, the Section 179 deduction and bonus depreciation… Read More»
For almost the entire past decade, interest rates held steady at near-zero levels. Then, in mid-December 2015, the Federal Reserve raised rates by one-quarter percentage point. Market watchers and economists expect further rate increases in the coming months. How will you be affected? Technically speaking, only the federal funds rate… Read More»
The “extender” tax legislation passed in December made permanent many well publicized tax deductions. But a peek under the hood reveals some lesser-known changes that could impact your taxes. Payroll penalties. Beginning in 2017, small errors (generally $100 or less) on information returns such as Forms W-2 and 1099 will… Read More»
In mid-December 2015, Congress extended tax deductions and credits that had been scheduled to expire. Here are several you can benefit from as you prepare your 2015 personal and business federal income tax returns. Child credit. You can claim this $1,000 tax credit for each qualifying dependent child who was… Read More»