Do You Have to File a Gift-tax Return?

Protection under annual gift-tax exclusion Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not
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Tricky Tax Rule for Itemized Deductions

Phaseout may affect 2017 returns Can you deduct the full amount of your itemized deductions on your 2017 tax return? Under current law, deductions are reduced for certain upper-income taxpayers under the “Pease rule,” named for the congressman who initially introduced the provision. This little-known rule may catch taxpayers with rising incomes by surprise. Background: Most
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New Tax Law Cracks Down on Home Mortgage Interest

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to
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Seven Steps for Tax Return Season

Preparing to file 2017 returns One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you
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Will Your 2018 Withholding Be Right?

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might effect you and your family in 2018 and future years, and offering strategies you might employ to
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February 2018 Individual Due Dates

February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are
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Cash In on the Unique NUA Tax Break

Benefits of company stock in retirement plans One frequent tax reform target is still on the books. It is a unique tax break available to employees, including business owners, who own company stock in their retirement plan. If you handle things right, you can avoid paying tax on the appreciation in the stock’s value, called
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The New Tax Law – Are C Corporations Now Better?

Since the President signed the Tax Cuts and Jobs Act on December 22, 2017, lowering the corporate income tax rate to 21%, one of the most frequent questions small business owners have had is “Should I convert to a C corporation?” The answer is “Perhaps, but we need to look at the big picture to
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How to Support Your Charitable Deductions

Follow recordkeeping rules for donations Charitable deductions are often treasured by high-income taxpayers who itemize deductions on their personal returns. But your deductions are at risk if you do not have the requisite proof to back up your claims. Worst-case scenario: You are forced to forfeit all or part of your charitable deduction for 2017 if the
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