THE TAX COST OF DIVORCE HAS RISEN FOR MANY

By | September 9th, 2019|Accounting and Auditing, Estate planning|

Are you divorced or in the process of divorcing?  If so, it’s critical to understand how the Tax Cuts and Jobs Act (TCJA) has changed the tax treatment of alimony.  Unfortunately, for many couples, the news isn’t good – the tax cost of divorce has risen. WHAT’S CHANGED Under previous rules, a taxpayer who paid [...]

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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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COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

By | July 22nd, 2019|Accounting and Auditing, Business|

One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation.  Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]

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BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By | July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

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