Tax Planning

living trust

Is a Living Trust Appropriate for You?

You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts are an estate-planning tool, and there is not a one-type-fits-all living trust. … Read More

business tax services

Don’t Miss Out on Year-End Tax Planning Opportunities

Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More

Estate Tax

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

tax preparation services

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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