An individual retirement account (IRA) provides an excellent opportunity to invest for the future. There are limitations surrounding the amount you can contribute to an IRA, including special rules that apply to married taxpayers! The amounts earned in a traditional… Read More

Large losses may not be considered deductible in the current year, depending on if the losses stem from passive activities. A passive activity is any activity where the taxpayer does not materially participate, such as a rental activity or owning… Read More

The Tax Cuts and Jobs Act of 2017 made many changes to the individual tax law, including many changes affecting alternative minimum tax, or AMT. The Act significantly increased AMT exemption amounts along with the associated phase-out thresholds. With the… Read More

While your employer might provide you the benefits of having a Health Savings Account (HSA) or a Flexible Spending Account (FSA), it is important to know the differences and how they might affect your tax returns. Read on to see… Read More

Private, religious, and even public schools come with their costs. To make matters worse, most tax-free savings plans used to only be for higher education expenses. Now, savings plans are not just for college. Thanks to the 2017 Tax Cuts… Read More

If you own any vacant land for investment, you might want to make an election under Code Section 266 to capitalize expenses generated from the investment property, instead of deducting them. With the new tax law changes, it may be… Read More

Are you ready to take that big step to make a house your home sweet home? With the passage of the Tax Cuts and Jobs Act of 2017 (TCJA), the 2018 tax year will be reflective of the significant changes… Read More

Under new law, the more children you have, the more you can potentially lower your tax liability. The Tax Cuts and Jobs Act of 2017 (TCJA) made a significant change to the child tax credit to increase the amount of… Read More

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