What Will Your Marginal Income Tax Rate Be?

January 16, 2019 7:45 pm

  While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savingsdue to their filing status. […]

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SOME ELECTRIC VEHICLE CREDITS ARE PHASING OUT!

December 30, 2018 4:21 pm

  The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again to $1,875 after June 30, 2019. Then, the credit will no longer be available for a Tesla after December 31, 2019. […]

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Act Soon to Save 2018 Taxes on Your Investments

December 20, 2018 6:27 pm

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments ― you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing […]

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HOLIDAY GIFTS WITH TAX BENEFITS

December 5, 2018 5:45 pm

Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples: Electric Car Credit – If you purchase an electric car as a holiday gift for your spouse or even yourself, you will find that most come with a tax credit of up to $7,500. […]

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Tax Savings on Vacation Homes?

September 19, 2018 9:25 pm

  Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit […]

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The Big Bad “Kiddie Tax”

August 30, 2018 7:52 pm

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 […]

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Keep An Eye Out For Extenders Legislation

August 16, 2018 5:00 pm

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 […]

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

August 10, 2018 8:24 pm

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 […]

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Don’t Be A Victim of Identity Theft: File Your Returns Early

August 10, 2018 9:53 am

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your […]

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New Tax Law Severely Limits Entertainment Deductions for Business Owners

August 10, 2018 9:52 am

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 […]

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Is Bunching Right for You?

August 8, 2018 12:19 pm

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 […]

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