Rental real estate requires reporting for QBI deduction

There is a significant tax deduction available for owners of rental property, but you will have to get started now organizing your records to claim the savings on your 2019 taxes. The new qualified business income deduction that was created as part of the Tax Cuts and Jobs Act can be a great tax-saving tool […]

Divorce may be even more taxing under TCJA

Divorce is never easy, emotionally or financially, and now with the Tax Cuts and Jobs Act, the process can be even more taxing. Prior to the passage of the sweeping tax reform law at the end of 2017, a divorced spouse paying alimony could deduct those payments from his or her reportable income when filing […]

Tax reform can impact quarterly tax payments

Some taxpayers were surprised that their tax refunds this year were not as high as in years past because they had not adjusted their withholdings in response to the Tax Cuts and Jobs Act. The sweeping tax reform law that was passed at the end of 2017 should also prompt those who pay estimated quarterly […]

To lease or to buy: What makes more sense for your business?

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more […]

Clear these hurdles to benefit from deducting investment interest expense

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you […]

The good and not-so-good news about qualified improvement property

If you made improvements to your commercial property last year or are planning to this coming year, there’s good news and not-so-good news. The good news is, some of the restrictions for taking the depreciation on those improvements have been eliminated under the 2017 Tax Cuts and Jobs Act. Prior to the new tax law, […]

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the […]

Putting your child on the payroll this summer makes more sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By shifting some […]

Be aware of the tax consequences before selling your home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]