Tag: Tax Cuts and Jobs Act


Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end … Read More »

November 6th

Tax Department, Tax Planning. Comments Off on Buy business assets before year end to reduce your 2018 tax liability


Donate appreciated stock for twice the tax benefits

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you … Read More »

October 31st

Tax Planning. Comments Off on Donate appreciated stock for twice the tax benefits


Could “bunching” medical expenses into 2018 save you tax?

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your … Read More »

October 23rd

Tax Department, Tax Planning. Comments Off on Could “bunching” medical expenses into 2018 save you tax?


Tax planning for investments gets more complicated

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to … Read More »

September 25th

Tax Department, Tax Planning. Comments Off on Tax planning for investments gets more complicated


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

HOBERMAN & LESSER, LLP