Charitable IRA rollovers may be especially beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the […]
3 traditional midyear tax planning strategies that hold up post-TCJA
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more […]
‘Drafting error’ in tax law could impact bonus depreciation rules
McDonald’s Corp. is a part of a coalition of restaurants and retailers that has appealed to Congress to fix a “drafting error” in the Tax Cuts and Jobs Act that is deterring some business owners from investing in their stores. According to Reuters, the coalition states that lawmakers intended to change the tax reform law […]
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 […]
New law boosts Georgia HEART Tax Credit
The tax credit for making a charitable donation to rural hospitals in Georgia just got a significant boost, but you may want to act quickly to take full advantage of the benefits. The Georgia HEART Hospital Program, which came into effect the first of 2017, awards Georgia income tax credits to individual and corporate taxpayers […]
Florida taxpayers eligible for sales tax breaks for donating to scholarship programs
Taxpayers in Florida have some more options this year to donate to scholarship programs and receive a break on their taxes. Florida Sales Tax Credit Scholarship Program: Under legislation that was signed recently by Gov. Rick Scott, those renting or leasing property can receive a 100 percent credit on the sales tax imposed on the […]
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 […]
Can you claim your elderly parent as a dependent on your tax return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is […]
Deductions for employee meals slashed under new tax law
The Tax Cuts and Jobs Act changes the deductibility on food and beverage expenses for employers. Under the new law there is a 50 percent limit for the employer’s expenses of providing food and beverages to employees at an eating facility that qualifies as a de minimis fringe benefit. Before The Tax Cuts and Jobs […]