As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Available Education Tax Breaks Summary 1. Higher education tax credits. Generally, you
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent
Understandably, your 2019 tax bill may have you more concerned right now than your 2020 tax situation. However, you should also be thinking about tax changes that will affect your 2020 taxes. For example, the amount of money you can put into a 401(k) plan has increased and you may
The “kiddie tax” name sounds cute, but it is not what it may seem. Changes made by the Tax Cuts and Jobs Act (TCJA) makes the tax more serious and now, children with unearned income could wind up in a tax bracket higher than that of their parents. However, the
In 1986, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from transferring income (usually from investments) to their children in lower tax brackets. While the tax troubled some families in the past, the Tax Cuts Jobs Act (TCJA) has made it worse today
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five 2018 tax deductions you may see shrink or disappear when you file your 2018
Is Investment Interest Expense Still Deductible? 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,
