CARES Act changes how business losses are treated

In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]

Three questions you may have after your tax return is filed

Tax season is now officially over, but once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? This is a good […]

Tax season begins soon, tax refunds to be issued as normal

‘Tis the season – to file taxes. January 28 is the official start to tax filing season when the IRS will begin processing tax returns for 2018. The IRS also announced that it will pay tax refunds as scheduled even in light of the partial shutdown of the federal government. According the IRS, the agency […]

Required Minimum Distribution to be taken by year end

Taxpayers born before July 1, 1948, generally must receive Required Minimum Distribution (RMD) payments from their Individual Retirement Arrangements (IRAs) and workplace retirement plans (including Section 401(k) , 403(b) , and 457(b) plans) by Dec. 31, 2018. A special rule allows those who reached age 70 1/2 during 2018 to wait until as late as […]

Could ‘bunching’ medical expenses into 2018 save you tax?

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]

Go green: Save tax by saving energy at home

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the […]

Sending your kids to day camp may provide a tax break

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit. This includes camps that specialize in a particular activity, such as baseball, soccer, computers, etc. This does not include school- and […]

The time for 2018 tax planning is now

Now that the April 17 individual income tax filing deadline has come and gone, it may seem too early to begin thinking about taxes again. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and […]

Make sure repairs were actually repairs before you deduct the cost

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]