Monthly Archives: August 2018

The Big Bad “Kiddie Tax”

Posted on by cpask_adm

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax […]

Keep An Eye Out For Extenders Legislation

Posted on by cpask_adm

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. Recent history Back in December of […]

Saving tax on restricted stock awards with the Sec. 83(b) election

Posted on by cpask_adm

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section […]

New Tax Law Severely Limits Entertainment Deductions for Business Owners

Posted on by cpask_adm

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, we have some bad news for you. The GOP’s tax-reform bill that President Trump signed on December 22nd of last year eliminated the business-related deduction for entertainment, amusement or recreation expenses, effective beginning in […]

Is Bunching Right for You?

Posted on by cpask_adm

The GOP’s Tax Cuts & Jobs Act increased the standard deduction and placed new limitations on itemized deductions. Beginning with 2018 tax returns, the standard deductions will be: $12,000 for single individuals and married people filing separately, $18,000 for heads of household, and $24,000 for married taxpayers filing jointly. If your deductions exceed the standard […]