Archive for the Tax Category

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted.  Acquisition Debt vs. Equity Debt The first step to untangling these new limitations is to distinguish between

While many taxpayers plan for retirement by investing in retirement savings accounts, it is important for taxpayers to also plan on how to handle income during retirement as well. The timing of different retirement distributions could drastically affect the amount of taxes paid throughout retirement. To start,

Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft problem.  An estimated 4 to 5 million taxpayers are currently affected by identity theft

The Tax Cuts and Jobs Act (TCJA) overhauls the Kiddie Tax rules to tax a portion of a qualified child or young adult’s unearned income at the same tax rates paid by trusts and estates, which can be as high as 37%. Prior to the TCJA, the

While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have been devastated by the California wildfires and East Coast hurricanes. Beginning in 2018, the personal

As a result of tax reform under the Tax Cuts and Jobs Act (TCJA), C corporations were also affected. This will directly impact C corporation shareholders. Under previous law, the tax rate a corporation would pay on its profits could be anywhere from 15% to 35%, depending

This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.”  “Exemption.”  “Adjusted Gross Income.”  It can seem as if your accountant speaks a different language from you. While we’ll do our best to explain the tax terms we use

The Child Tax Credit (CTC) was one of many items touched by the sweeping tax reform coming into effect for the 2018 tax year. In addition to the amount of the credit increasing, the threshold for qualifying for the credit has improved, resulting in more taxpayers being

Are you one of the thousands of people who are working gig-type jobs for Uber, Lyft, DoorDash, Grubhub, or companies like them? Whether you’re full time or just moonlighting a few hours a week, the paperwork for this part of your taxes will be a little different.