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2019 Tax Reform Summary

Welcome to your tax reform summary. A lot of this applies to 2018 tax returns which are due in 2019. Changes apply to tax brackets, deductions, exemptions, child tax credit, mortgage interest, property taxes, Unreimbursed Employed Expenses (Form 2106), Medical Expenses, Alimony, Roth Conversions, Stock, Capital Gains, Section 199A Qualified Business Income Deduction, Moving Expenses, [...]

Proposed individual tax changes in the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act makes major changes to individual income taxation. These include a reduction in the number of tax brackets, an increase in the standard deduction, repeal of personal exemptions, a reduced maximum rate on business income, an increase in the child tax credit and a new family tax credit, repeal of [...]

Tax Benefits for New Parents

Starting the new year as a new parent? No worries. There might be some insecurities related to your becoming a new parent and you might even wonder what this has to do with taxes. We understand how challenging it is to cope with a new bundle of joy but this should not be a reason [...]

How to Keep Track on Your Student Loan

Those student loans might keep you from concentrating well on your studies or from enjoying life in general. Don’t let these thoughts trouble you and be ahead of yourself by making sure you keep track on your student loan every now and then. When holidays come and you want to spend extra money, you might [...]

Business Start-Up and Related Tax Procedures

Starting a business may bring about a certain degree of fear and anxiety. It does not always portray a bed of roses, but you should understand that taxes related to your business plan should not hinder you from starting that small business you dream of. This fear of the unknown can be addressed with a [...]

Three Ways to Get on Track with Your Taxes

Tax season is in and we don’t want to waste precious time and effort chasing after deadlines. The best thing to do is to prepare early. You don’t have to go through all the stresses of filling-up forms, calculating amounts, and finding relevant documents in a short amount of time. Do these three simple steps [...]

Tax Facts Related to Your Self-Employment and/or Your Hobby

You enjoy making money out of your hobby. That is good to know. Only, this is where certain lines must be drawn and you must be sure that the hobby you enjoy doing and at the same time gaining some cash is really free from any tax liabilities There are many myths out there and [...]

Cut Down Your Tax Bill with These Employer-Sponsored Savings Accounts

Now that tax season has started, you may want to be aware and take advantage of these savings account that will help you save more, benefit more, and generally lower your tax bill. There are actually several plans and accounts that will help you stretch your money this year but the three presented here are [...]

Best Options for Your Retirement Plan

Saving money for something way far ahead may be challenging, especially when you don’t have extra cash to set aside at present. You also might have heard a lot about the importance of saving for retirement, getting a head start, and investing now for your future. Though unappealing as it might sound, there are great [...]

How to Determine if the Net Investment Income Tax Applies to You

If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax: Net Investment Income Tax.  The law requires [...]