Year-end planning tips to help lower your tax bill
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. […]
A snapshot of the Tax Cuts and Jobs Act
Congress released this week the Tax Cuts and Jobs Act, and we wanted to give you a snapshot of some of the provisions included that could have an impact on you and your business. As the bill moves through the legislative process, many of these details will likely change, but we want you to know […]
‘Unified Tax Reform’ now takes center stage in Congress
Congressional Republicans and the Trump Administration have unveiled what they are calling a “unified framework” for tax reform. While the specifics will likely change as it makes its way through the congressional process, we wanted you to be aware of some of the provisions that could have a direct impact on you. The tax reform […]
Tax deductions can be silver lining behind storm clouds
The Southeast was plagued in 2016 and at the beginning of 2017 with natural disasters that resulted in the loss of business and property. Hurricane Matthew struck the East Coast in early October, impacting the coasts of Florida, Georgia, South Carolina and North Carolina. Throughout November, wildfires raged in North Carolina and in north Georgia. […]
Tax deductions for charitable giving require documentation
How much did you donate to charity last year? Can you prove it? In order to take all the charitable contributions you are due on your taxes each year, you must provide documentation of the amount donated and to which organization. The rules vary based on the type of donation – cash, in-kind, property, securities, […]
Take advantage of deductions to reduce tax liability
Taxpayers can take advantage of two types of deductions. So-called “above-the-line” deductions reduce both your adjusted gross income (AGI) and your modified adjusted gross income (MAGI), while “itemized” deductions (i.e., below-the-line deductions) do not reduce either AGI or MAGI. Deductions that reduce your AGI (or MAGI) are particularly favorable because they not only reduce your […]
