The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for businesses and individuals. The changes are extensive, and this blog post provides a high-level overview of some of the highlights to keep you informed.
Written by: Mike Harter, CPA/PFS, CFP® At the end of 2012, Congress provided a bit more certainty to our estate tax laws. The ATRA of 2012 permanently extends the estate and gift tax provisions of both EGTRRA and the 2010 Tax Relief Act. Under ATRA, the applicable exclusion for 2013 is $5.25 million (adjusted for
Written by: Melinda Long, CPA There are plenty of times we are asked about which education credit is most beneficial for a client to use. Below is a short list of various credits in the order of the biggest credit to smallest. American Opportunity Credit – Receive a credit up to $2,500 PER STUDENT per
You must have a hard copy receipt for every single dollar you contribute to a church or charity in order to claim a tax deduction on Schedule A. Charitable contribution deductions will not be allowed for any monetary contributions by cash or check unless the donor maintains a record of the contribution. The record must
December 31, 2011 is just around the corner, so it is time to plan. Here are a few tips! Check your paycheck withholding. The majority of Americans get a tax refund check, so why not get it all throughout the year instead? There are plenty of tax calculators out there to help you estimate your
December is just a few short months away and there are many benefits you can reap on tax day if you act before December is over. Here are a few things you can do now to help lower your tax amount due! Energy-efficient basic home improvements – insulation, certain HVAC systems, water heaters, windows, doors
Getting a jump start on your tax planning can set in place a number of strategies that could reduce your taxes. If you received a refund last year, maybe you should reduce your tax payments by filing a new W-4 with your employer to reduce the amount withheld. Also,you can not just assume you will owe the
Unfortunately with divorce comes tax consequences. There are some important issues to consider when you are dividing your assets. If you live in a community property state, each spouse is entitled to half of the total community property, minus liabilities. All other states, assets must be split according to what the court deems fair.
In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on