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27Sep2018

Are You Prepared for a Disaster?

  Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected
  • 27 Sep, 2018
  • Jacqueline Cran
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10Sep2018

Is Bunching Right for You?

Article Highlights: Standard Deductions Itemized Deductions Bunching Strategy Medical Expenses Taxes Charitable Contributions Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and
  • 10 Sep, 2018
  • Jacqueline Cran
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06Sep2018

Taxation of Legal Settlements or Awards

    Article Highlights: Physical Injury and Physical Sickness Wrongful Death Emotional Distress Previously Deducted Medical Expenses Employment Discrimination Age Discrimination Unpaid or Disputed Employment Earnings Interest Settlements Legal Costs The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues.
  • 6 Sep, 2018
  • Jacqueline Cran
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06Aug2018

So Long To The Tax Deduction For Investment Expenses

    Article Highlights:   Itemized Deduction Net Investment Income Investment Interest Deduction Surtax on Net Investment Income Retirement Account Fees Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have
  • 6 Aug, 2018
  • Jacqueline Cran
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02Aug2018

How Long Should You Hold On To Old Tax Records?

    Article Highlights:   The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents?
  • 2 Aug, 2018
  • Jacqueline Cran
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30Jul2018

Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?

    Article Highlights:   Background New Limit Equity Debt Interest Interest Tracing Refinancing   The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized
  • 30 Jul, 2018
  • Jacqueline Cran
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26Jul2018

Why am I Being Audited by the IRS?

  With the 2018 filing season currently behind us, notices have started to appear in mailboxes. While the IRS letterhead strikes fear into the hearts of most Americans, a vast majority of those notices are nothing to fear, since most of them are computer-generated and referring to outstanding tax bills you haven’t paid yet or
  • 26 Jul, 2018
  • Jacqueline Cran
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23Jul2018

Taxpayers Find Gift Tax Reporting Confusing

    Article Highlights: Gift Tax Return Filing Requirements Lifetime Estate Exclusion Annual Gift Exclusion Tuition and Medical Exclusions Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to
  • 23 Jul, 2018
  • Jacqueline Cran
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19Jul2018

Moving Deductions are Over

    Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was
  • 19 Jul, 2018
  • Jacqueline Cran
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16Jul2018

A Mid-Year Tax Checkup May Be Appropriate

Article Highlights:   Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes
  • 16 Jul, 2018
  • Jacqueline Cran
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