Over the years we have found that there are some misconceptions on the dreaded “gift tax” (which currently has a maximum rate of 40%) – what it is, who pays it and how it can be avoided. Here are some of the most common...
The Tax Cuts and Jobs Act of 2017 reduced the number of people who itemize deductions on their tax returns. Folks who used to itemize and gave to charity who no longer itemize due to the increased standard deduction lost the tax advantage of charitable...
Americans are still trying to understand the magnitude of changes from the 1101 page Tax Cuts and Jobs Act and how it will impact their income taxes. Less than 10% of individuals are expected to itemize deductions in 2018, down from almost 30% in...
As anyone who has ever sold a home can attest, the process is a mixed bag of emotions- excitement, nervousness and filled with bittersweet memories. While most sellers have adequate representation to help guide them through the process of the sale- realtors, real estate attorneys,...
The passage of the new tax law, the Tax Cut and Jobs Act (TCJA), ushered in a bevy of changes that tax professionals and the IRS are still working to interpret. While the bill was being debated in congress, there was substantial discourse regarding the...
The Tax Cuts and Jobs Act (TCJA) was signed into law on 12/22/2017. The 186 pages of reform were so broad that even as financial professionals we are still trying to grasp all the impacts to our clients. Although much has been made...