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Mid-Year Tax Planning

Year-end tax planning is on the agenda for many taxpayers, with good reason. That said, you don't have to wait for November or December to make astute moves. Planning in June or July can lead to tax savings that...

Working Around the New "Kiddie Tax"

Single taxpayers with taxable income up to $39,375 ($78,750 on joint returns) can pay 0% tax on long-term capital gains. That may suggest some income-shifting strategies. Example 1: Suppose that Fred and Grace...

Homeowner's Insurance Protects a Prime Asset

From coast to coast, hurricanes and wildfires and other natural disasters have created headlines while destroying homes. Your principal residence is probably a valuable asset, so you should be confident your...

The Standard Deduction's Double Standard

The 2019 “tax season,” during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased...

Deducting Qualified Business Income

The TCJA created a new deduction for small business owners who operate pass-through entities. That includes domestic companies operated as sole proprietorships or through S corporations, partnerships, certain LLCs,...

Handling Qualified Charitable Distributions

As the filing season for 2018 tax returns reaches a peak, many people will learn that they’re no longer itemizing deductions. The TCJA placed limits on some deductions and increased the standard deduction...

Tax Implications on Cryptocurrency and Blockchain

Overview Cryptocurrency and blockchain are rapidly becoming a part of the U.S. landscape, but knowledge varies greatly on these topics and their applications. Below we will define what cryptocurrency and blockchain...

Powers of Attorney Can Be Vital Documents

Most people realize the importance of a will to help direct the transfer of assets after death. During your lifetime, you also may want to have a power of attorney (POA) for convenience and asset protection. The...

Throwing SALT into the Property Tax Wound

The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a...

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