Category: Tax Planning


The tax deduction ins and outs of donating artwork to charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and … Read More »

September 19th

Tax Department, Tax Planning. Comments Off on The tax deduction ins and outs of donating artwork to charity


2018 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to … Read More »

September 11th

Tax Department, Tax Planning. Comments Off on 2018 Q4 tax calendar: Key deadlines for businesses and other employers


Do you need to make an estimated tax payment by September 17?

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is … Read More »

September 4th

Tax Department, Tax Planning. Comments Off on Do you need to make an estimated tax payment by September 17?


Back-to-school time means a tax break for teachers

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 … Read More »

August 29th

Tax Department, Tax Planning. Comments Off on Back-to-school time means a tax break for teachers


Play your tax cards right with gambling wins and losses

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

Wins and taxable income

You must report … Read More »

August 21st

Tax Planning. Comments Off on Play your tax cards right with gambling wins and losses


Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures … Read More »

August 14th

Tax Cuts and Jobs Act (TCJA), Tax Planning. Comments Off on Choosing the right accounting method for tax purposes


The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover … Read More »

August 7th

Tax Cuts and Jobs Act (TCJA), Tax Planning. Comments Off on The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible


Do you still need to worry about the AMT?

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce … Read More »

July 31st

Tax Planning. Comments Off on Do you still need to worry about the AMT?


Why the “kiddie tax” is more dangerous than ever

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back … Read More »

July 24th

Tax Planning. Comments Off on Why the “kiddie tax” is more dangerous than ever


Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S … Read More »

July 18th

Tax Planning. Comments Off on Close-up on the new QBI deduction’s wage limit

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