Alimony can be substantial and, historically, the payor has relied on tax deductions to mitigate some of the financial burden. While the payor received a tax deduction, the recipient was then taxed on the amount of alimony received. However, with… Read More

As the Tax Cuts and Jobs Act of 2017 just about doubles the standard deduction amounts to $12,000 for individuals, $18,000 for heads of household, and $24,000 for joint filers and surviving spouses, the number of taxpayers who will itemize… Read More

The end of the year is approaching fast and that means it is time to take advantage of year-end tax planning. With the new tax law changes from the Tax Cuts and Jobs Act, there are a few things to… Read More

Did you know that even though the new tax law greatly increased the standard deduction amount, planning for your itemized deductions remains important. Read on to learn more about how you can strategize your charitable giving to maximize your tax… Read More

There is a famous quote that says, “If you do what you love, you’ll never work a day in your life.” This quote may hold true, but unfortunately the IRS may have some questions related to how much you enjoy… Read More

Although we have the new federal Tax Cuts and Jobs Act of 2017 that brings plenty of changes in tax planning and reporting, we need to be aware that state income tax laws may be much different as each state… Read More

The section 121 exclusion allows taxpayers to exclude a portion of the gain on the sale of their principal residence. The exclusion is significant: up to $250,000 for single filers and up to $500,000 for those filing jointly. The caveat… Read More

US citizens or residents who have financial assets in accounts overseas, pay close attention to whether the combined value of those accounts ever exceeds $10,000 in value at any point during the year. If that occurs, a Foreign Bank Account… Read More

If you are the owner of a private plane, you may already know that trying to satisfy the rules and regulations of both the FAA and IRS can feel like an impossible task. This may also be true when it… Read More

“Kiddie Tax” refers to special rules and taxes imposed on the unearned income of certain children. While the kiddie tax is nothing new, recent tax reform has completely revamped and simplified the way this tax is calculated for tax years… Read More