The Tax Cuts and Jobs Act of 2017 lowered the threshold for the deduction of medical and dental expense. The new law permits taxpayers to deduct unreimbursed medical expenses that are in excess of … [Read more...] about Don’t Forget About the Medical Expense Deduction
The Tax Cuts and Jobs Act (TCJA) raises many questions for taxpayers looking to plan for the coming year. Below are answers to some of them. Do I need to adjust my withholding allowances, given that … [Read more...] about 2018 Tax Changes: Frequently Asked Questions
Planning Is Everything Are you a business owner who wants to retire someday? Would you like to see the business continue after your departure with younger family members and/or other key … [Read more...] about Steps to Creating a Continuation Plan for Your Business
What is the Kiddie Tax? In 1986, the Kiddie Tax was added to the tax code in order to prevent high wealth parents from shifting income-producing investment assets to their children who were in lower … [Read more...] about Do You Know the New Beneficial Changes to the Kiddie Tax?
You've finally found a buyer for the rental property, land, or business you've been trying to sell but the buyer doesn't have enough cash to pay the full purchase price in a lump sum. So you agree to … [Read more...] about How Do Installment Sales Affect Your Tax Bill?
Affectionately being referred to as the Pass-Through Deduction, the new tax law will allow partnerships, LLCs, S corporations and sole proprietorships (in other words, pass-throughs) to deduct up to … [Read more...] about The Basics of the New Section 199A and How It Affects the Self-Employed