Blog
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Property Acquired by Gift or Through an Estate
Receiving a gift or a bequest or other inheritance carries with it a unique set of federal income, gift and estate tax rules that must be observed. Knowing what the rules are...
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Record Keeping – Personal Residence Tips
You may be aware that most homeowners are able to exclude up to $250,000 of the gain realized on the sale of a principal residence. Married couples filing jointly may exclude up to...
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Tax Breaks for Charitable Giving
You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable giving. For...
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Code Sec. 199A – Safe Harbor Rule for Rental Real Estate Businesses
The IRS has issued guidance on a safe harbor for certain rental real estate businesses to qualify as a trade or business for the qualified business income deduction under Code Sec. 199A....
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Roth IRA Conversion Re-characterizations Changed
The 2017 Tax Cuts and Jobs Act (TCJA) changed the provision for Roth IRA Conversion Re-characterizations. Upon retirement, you may have a couple of years when you are in a...
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“Kiddie Tax”
When your children who are under 19 (or under 24 if they are a student) have investment income over $2,100 they are subject to the “Kiddie Tax.” Kiddie tax was designed to prevent...
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Tax Consequences for Self-Employed Individuals
Owning your own business can be very rewarding, both personally and financially. Being the sole decision-maker for this important undertaking can also be overwhelming. Business owners have many choices to...
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Tie-Breaking Rules for Qualifying Child of More Than One Person
QUICK LINKS: Tie-Breaking Rules for Qualifying Child of More Than One Person | Earned Income Tax Credit Although the deduction for personal and dependency exemptions is temporarily repealed for tax years...
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TAX TIP: Record Keeping for State Taxes
When Congress passed the Tax Cuts and Jobs Act back in December, the standard deduction doubled and as a result, a number of taxpayers will no longer claim Schedule A...
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IRS Confirms Tax Filing Season to Begin Jan. 28
Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. READ MORE at...
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