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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...

November/December Dates to Remember

NOVEMBER 2018 Employers. Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4 or Form W-4(SP). The 2019 revision of Form W-4 will be available by mid-December at...

Year-End Business Tax Planning

Under the TCJA, equipment expensing permitted by Section 179 of the tax code was expanded. In 2018, your business can take a first-year deduction of up to $1 million worth of equipment purchases. You might buy, say,...

Year-End Retirement Planning

A major feature of the TCJA is the reduction of income tax rates owed by individuals. For example, married couples filing jointly for 2018 may have taxable income up to $77,400 and remain in the 12% bracket, up to...

Year-End Tax Planning for Investors

This year has been a roller coaster for investors, with good months followed by steep pullbacks. At this point, you may have taken some gains and losses in your taxable accounts during 2018; you also may have...

Charitable Donations and Your Tax Return

More taxpayers are likely to take the standard deduction for 2018, rather than claim itemized deductions. Therefore, they’ll lose the tax benefits from their charitable contributions. Example 1: Art and Beth Dean...

Standard or Itemized Deduction - Which Shall it Be?

Under the new, as well as prior, tax law, taxpayers can either take a standard deduction or itemize deductions on Schedule A of IRS Form 1040. Typically, tax preparation involves comparing the total of itemized...

Qualified Tax Opportunity Zones

On October 22, 2018, the IRS issued proposed regulations relating to the deferral of gain under IRC §1400Z-2 for investments in qualified opportunity zones ("QOZ"). The provision allows taxpayers to elect to defer...

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