» Tax Law

Elimination of Roth Conversion Recharacterization

July 9th, 2018
For individuals saving for retirement, one of the things that makes a Roth IRA attractive is that the account is created and funded with post-tax dollars. This means the account owner need not pay income tax on funds when they are withdrawn in retire… Read More

Individual Income Tax Brackets Change

June 28th, 2018
You have no doubt heard a lot about the recently-enacted tax reform, and may be wondering what that means for your tax bracket. While tax reform has changed much about how we will pay taxes, one detail has not changed: there are still seven tax brack… Read More

Professional Service Company Owners Lose Out Under TCJA

June 22nd, 2018
As 2017 drew to a close, President Trump signed his promised tax reform into law. Dubbed the “Tax Cuts and Jobs Act,” (TCJA) it was the most significant and thorough reform to U.S. tax law in more than three decades. Since it took effect… Read More

How the New Tax Law Helps Landlords

June 8th, 2018
With the recent passage of the federal Tax Cuts and Jobs Act (TCJA), taxpayers are beginning to learn how much they stand to benefit from the new law. One of the groups of individuals that stands to benefit is landlords. If you own rental property, l… Read More

Standard Deduction Increase vs. Elimination of Personal Exemptions: What Does it Mean?

May 2nd, 2018
Two of the changes brought about by the new Tax Cuts and Jobs Act are the increase in the size of the standard deduction and the elimination of the personal exemption. How do these two changes work, and do they offset each other? Will the change in t… Read More

How Section 179 Increase and Bonus Depreciation May Help Your Small Business

April 25th, 2018
Business owners know that when they purchase property for business use, such as a delivery truck or machinery for production, they can claim deductions for the purchase of that equipment as a business expense under Section 179 of the United States In… Read More

How to Make Tax-Free Gifts to Your Children (Even If They're Adults)

March 27th, 2017
You’ve reached that wonderful time in life when your children are grown, perhaps having their own children, and you have the financial means to make their lives better and easier. There are many ways to make gifts to your children, but you want… Read More

Same-Sex Spouses and the Marital Deduction

August 19th, 2015
One of the key tax benefits available to married couples in the United States is the marital deduction. Thanks to the recent U.S. Supreme Court decision that legalized same-sex marriage, this deduction is now available to same-sex couples all across… Read More

Understanding Gift Tax Changes for Same-Sex Couples

August 5th, 2015
The Supreme Court’s recent ruling in Obergefell v Hodges provided same-sex couples with a number of new rights and tax benefits that they didn’t have under previous laws. One of the most notable changes affected gift tax exclusion laws. A… Read More

Basics of Income Tax Deductions for Donations to Charitable Organizations

January 15th, 2013
Taking advantage of income tax deductions for donations to charitable organizations gives an individual more control over how his or her money is used. Potential tax money is taken out of the hands of the government and given to charities the donor w… Read More
Tags: Charitable Giving
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