While not impossible, taxpayers may find it difficult to receive a tax benefit from unreimbursed medical expenses. Due to the higher threshold and recent changes to tax law, clients often overlook the deductibility of medical expenses. Continue reading this article… Read More
More Opportunity in Opportunity Zones
The tax incentives of investing in an Opportunity Zone were introduced by the Tax Cuts and Jobs Act at the end of 2017. Since then, the lack of guidance in this legislation has left a lot to the imagination regarding… Read More
Year-End Tax Planning
The end of the year is approaching fast and that means it is time to take advantage of year-end tax planning. With the tax law changes from the Tax Cuts and Jobs Act (TCJA) being in effect for a full… Read More
Spousal IRA
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
Materially Participate to Avoid being a PAL to the IRS
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
Are You Subject to AMT Under the New Tax Law?
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
Which one is better for you? HSA, FSA, or neither?
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
Start Them Young – How the New Tax Law Allows You to Save for Your Child’s Kindergarten Education and Beyond
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
Investment Property Tax Planning – What to do with your vacant land?
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
Home Sweet Home (Acquisition): 2018 Mortgage Interest Deduction
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