Archive

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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05Jul2018

Is an Inheritance Taxable?

  Article Highlights:   Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step-up in Basis Community Property Deferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be
  • 5 Jul, 2018
  • Jacqueline Cran
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25Jun2018

Got a Letter from the IRS?

    Article Highlights: Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund
  • 25 Jun, 2018
  • Jacqueline Cran
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11Jun2018

Good and Bad News about the Home Office Tax Deduction

    Article Highlights: Home Office Qualifications Actual-Expense Method Simplified Method Income Limitation Employee Deduction “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for
  • 11 Jun, 2018
  • Jacqueline Cran
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