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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Seven Time-tested Year-end Tax Tactics

Practical approaches for individuals At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven prime examples: 1. Harvest capital gains or losses. Typically, you might realize capital gains or
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New Cases Concerning Family Medical Leave

Three recent rulings focus on key issues The Family and Medical Leave Act (FMLA) concerns when an employee can take extended time off from work. Three new cases point out the need for both employers and employees to understand the rules. Background: Under the FMLA, an eligible employee is entitled to take up to 12 weeks
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Twists and Turns to Charitable Rollovers

Special tax break for older taxpayers If you are “of a certain age,” you may benefit from a unique tax break. Under a special tax law provision, an individual age 70½ or older can transfer a significant amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution.
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