If you've seen the film Jurassic Park, you may remember the dilemma chief engineer Ray Arnold is faced with after a fellow employee steals dinosaur embryos and cuts the power to one of the border fences. Not knowing if the power will come back on...
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The IRS recently announced key tax figures for 2019, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging...
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At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a...
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A U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders. This will have wide-reaching effects on small businesses and consumers....
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The taxation of alimony will change drastically starting in 2019. Here’s what you need to know: New rules Any divorce agreement effective after Dec. 31, 2018 will be subject to new rules for alimony, namely: Alimony is no longer tax-deductible for the payer. Alimony...
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Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost? The answer is not so clear after the passage of the Tax...
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If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but there's also an opportunity to shift some taxable income...
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There is a lot of confusion about home equity loans following the passage of the Tax Cuts and Jobs Act (TCJA) last year. The act changed the rules on whether the interest on these loans is deductible. So is it? The short answer: Not unless...
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If you're considering converting a traditional IRA retirement account into a Roth IRA, be aware that the Tax Cuts and Jobs Act (TCJA) signed last year now limits your ability to change your mind. The recharacterization strategy When you convert a traditional IRA to a...
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The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little...
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