DOUBLE UP ON TAX BENEFITS BY DONATING APPRECIATED ARTWORK

By | September 16th, 2019|Accounting and Auditing, Taxation|

From a tax perspective, appreciated artwork can make one of the best charitable gifts.  Generally, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the [...]

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PLANNING FOR THE NET INVESTMENT INCOME TAX

By | August 30th, 2019|Accounting and Auditing, Taxation|

Despite its name, the Tax Cuts and Jobs Act (TCJA) didn’t cut all types of taxes.  It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. You’re potentially liable for the NII tax if your modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying [...]

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KNOW A TEACHER? TELL THEM ABOUT THIS TAX BREAK!

By | August 26th, 2019|Accounting and Auditing, Taxation|

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 [...]

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NO SURPRISES: WHY YOU SHOULD CHECK YOUR TAX BRACKET

By | July 29th, 2019|Accounting and Auditing, Taxation|

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA).  If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Under the TCJA, the [...]

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ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By | July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

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TAX CALENDAR

By | July 1st, 2019|Accounting and Auditing, Business, Taxation|

July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. The second quarter Form 941 (“Employer’s [...]

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