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As I’m sure you’re aware, the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted at the end of last year. It’s the largest tax overhaul since the 1986 Tax Reform Act and will affect almost every business in the United States. In light of all the changes that took effect this year, I...
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Just as the daylight hours are getting shorter, so is the time for fine-tuning any last-minute strategies to lower your 2018 tax bill. Unlike recent years, in which the tax rules have been fairly stable, 2018 brings extensive changes as a result of a large tax overhaul that passed Congress last December. These changes will...
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Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2018, and it generally isn’t hard to do. So...
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A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might not offer a Roth...
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The Senate passed the “Tax Cuts and Jobs Act” early this morning, and the revote in the House looks like a formality, so soon there will a new law of the land. Regardless of the downstream economic affects of the new law, taxpayers should be aware the provisions that affect them in the near term. What...
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As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account,...
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Updated 12/21/17 — The TCJA has eliminated like-kind exchanges for personal property of all types. Like-kind exchanges can now only be utilized on real property (real estate) exchanges. Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section...
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It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to owners When an owner withdraws funds from the company, the transaction...
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Many career-minded individuals struggle to balance the responsibilities of raising a family with the demands of the office. The solution is often hiring third party help in the form of nannies, maids, drivers, etc. But no matter what you call them, or what services they perform, the IRS classifies anyone who works in your home,...
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