Tag: tax planning


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?


2 major tax law changes for individuals in 2019

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

1. Medical expense … Read More »

January 8th

Uncategorized. Comments Off on 2 major tax law changes for individuals in 2019


A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to … Read More »

January 2nd

Tax Planning. Comments Off on A refresher on major tax law changes for small-business owners


You may be able to save more for retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings:

Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500)
Contributions to defined contribution plans: $56,000 … Read More »

December 27th

Retirement Planning, Tax Planning. Comments Off on You may be able to save more for retirement in 2019


Act soon to save 2018 taxes on your investments

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments, you just need to carefully select which investments you sell.

Try balancing gains and losses

If … Read More »

December 18th

Tax Planning. Comments Off on Act soon to save 2018 taxes on your investments

HOBERMAN & LESSER, LLP