Archive

17May2018

Tax Reform Suspends the Tax Deduction for Employee Business Expenses

Article Highlights:   Employee Business Expenses Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Accountable Reimbursement Plan Occupations Impacted   Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were

14May2018

2018 Tax Planning

Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for

10May2018

Solar Tax Credit: The Dark Side

Article Highlights:   Solar Promotions Solar Tax Credit Nonrefundable Credit Financing Costs Solar Credit Phase-out Leasing a Solar System   There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30%

07May2018

I Didn’t File My Tax Return; Now What?

    There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life

03May2018

Taxes and Divorce

      Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Medical Insurance Earned-Income Tax Credit Alimony If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset