Tax Planning

Estate Tax, Inheritance Tax, Estate and Gift Tax Lifetime Exclusion Amount, Gifting While the LEA is at its Current Level, Annual Gift Tax Exclusion, Inherited Basis, Capital Gains Rates,  Tax Planning

Where is the Federal Estate Tax Going?

Estate and Gift Tax Lifetime Exclusion Amount The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally went into effect in 2018. Tax Reform increased the federal estate and gift tax lifetime … Read More

Do You Rent Rooms in Your House?

Room Rentals Generate Good Income

Are you familiar with how the IRS treats the income and expenses for when you rent rooms in your home? Due to the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Some questions that often come up in regard to room rentals include: Is the income taxable? If so, how do I report the income from a room rental? What deductions can I take on my tax form? Can I claim a loss on rent? Answers to these questions are as follows:

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Tax Reform is Confusing Part 2

Do you struggle feeling Tax Reform is confusing?

Yes, tax reform is confusing. In part 2 we hope to shed light on other areas of tax reform changes. As mentioned last week, we decided to put together a side-by side comparison of the old and new law. At the end of Part 1’s blog post, is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down Part 2 of this very long infographic for an easier understanding. Let’s go!

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Tax Reform and Your Taxes

Well, the Tax Cuts and Jobs Act (H.R. 1) has passed, mainly starting in 2018. Are you confused by tax reform and your taxes, and how this new law will impact you? You’re not alone. As has become the norm for Congress, it played brinksmanship and waited to almost the end of the year, in the midst of the holidays, to pass this very extensive tax bill, providing little time for anyone to plan for 2018.

So that you have an idea about how these changes might affect individual taxpayers like yourself, we have put together some of the key points of the new law. As a suggestion, pull out your 2016 federal return and follow along to get a better understanding of these changes.

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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

Wouldn’t you like to know about early year-end tax planning to take advantage of possible tax reform?

So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be put into place before the end of the year that can substantially reduce your 2017 tax bill. That would be nice.

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Last Minute Tax Tips, Last Minute Tax Payments

Last Minute Tax Tips and Last Minute Tax Payments

Are you are up against the April 18, 2017 deadline and still need some information to complete your tax return, here are some last minute tax tips. Keep in mind these tips will help you also address last minute tax payments.

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Tax Tips for Uber or Lyft Drivers

As an Uber or Lyft driver, you are an independent contractor and treated differently under the IRS code. With this comes new rules when it comes to your taxes. Understanding the tax code can help you minimize your tax liability. Watch the video below for more details or call our office for help.

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Facing That Huge Gain from Selling Real Estate?

Are you thinking about selling real estate property? Are you liberal minded about selling your real-estate or more conservative? There are a number of issues that could impact the taxes that you might owe. Here are steps you can take to minimize the gain, defer the gain, or spread the gain over a number of years. Whichever you chose, you can win from the sale of your real estate, IF you handle it correctly.

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