Category: Tax Planning


Stretch your college student’s spending money with the dependent tax credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s … Read More »

March 19th

Tax Planning, Uncategorized. Comments Off on Stretch your college student’s spending money with the dependent tax credit


The 2018 gift tax return deadline is almost here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if … Read More »

March 12th

Tax Department, Tax Planning. Comments Off on The 2018 gift tax return deadline is almost here


Vehicle-expense deduction ins and outs for individual taxpayers

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 … Read More »

March 6th

Tax Department, Tax Planning. Comments Off on Vehicle-expense deduction ins and outs for individual taxpayers


Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March … Read More »

February 27th

Tax Department, Tax Planning. Comments Off on Beware the Ides of March — if you own a pass-through entity


Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

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 deductions you may see … Read More »

February 19th

Tax Department, Tax Planning. Comments Off on Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return


3 big TCJA changes affecting 2018 individual tax returns and beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act … Read More »

February 12th

Tax Department, Tax Planning. Comments Off on 3 big TCJA changes affecting 2018 individual tax returns and beyond


Why you shouldn’t wait to file your 2018 income tax return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially … Read More »

February 5th

Tax Department, Tax Planning. Comments Off on Why you shouldn’t wait to file your 2018 income tax return


Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken … Read More »

January 29th

Tax Planning. Comments Off on Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return


There’s still time to get substantiation for 2018 donations

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an … Read More »

January 22nd

Tax Planning. Comments Off on There’s still time to get substantiation for 2018 donations


What will your marginal income tax rate be?

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due … Read More »

January 15th

Tax Department, Tax Planning. Comments Off on What will your marginal income tax rate be?

HOBERMAN & LESSER, LLP