tax return

Tax Reform and Tax Preparation

As a new year approaches, many of us will reflect on the year that has passed. Personal and professional accomplishments may take center stage. We may take stock of any disappointments and recalibrate as 2019 approaches.

If you claim status as a tax law–defined real estate professional who can deduct his or her rental property losses, your time record for the year must prove that you spent:

The Tax Cuts and Jobs Act of 2017 removed entertainment from available business tax deductions, but did not address deductibility of expenses for business meals. To clarify the confusion that arose in the business community due to this omission, the IRS recently released interim guidance that taxpayers can rely on until they issue proposed regulations.

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, as well as LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights:

Technical Termination Rule Repealed (Good)

The depreciation you claim with your home-office deduction is subject to a recapture tax when you sell your home.

As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. Also, tax reform did not change the rules that apply to your other travel expense deductions.

No matter how the 2017 Tax Cuts and Jobs Act (TCJA) may alter your tax planning, we’d like to believe one thing will remain the same: With or without a tax write-off, many Americans will still want to give generously to the charities of their choice. After all, financial incentives aren’t usually your main motivation for giving. We give to support the causes we cherish.

There are many different ways you can shelter your savings from taxes. It is a powerful incentive for us to save for retirement.

Options give us choices, but choices can confuse as options proliferate.

Now that 2017 is a wrap, and we are well into 2018, we wanted to share one of the best presents you can bestow on yourself and your loved ones - the gift of proper preparation for rest of the year. Want to get a jump-start on it? Here are 10 financial best practices to energize your wealth management efforts.

Thinking about prepaying some of your 2018 state taxes in advance of limitations imposed by the Republican tax plan?

Well, forget about it.