Posted on February 12, 2019
by
Rick Bazzani
Both GM and Tesla have sold in excess of 200,000 plug-in electric vehicles and have surpassed the limit to be eligible for the full federal tax credit. If you are still considering the purchase of a Tesla or GM electric, plug-in vehicle, you may want to close the deal sooner than later to qualify for […]
Posted on January 30, 2019
The IRS is providing penalty relief to the millions of taxpayers it says may have fallen short of their total tax liabilities for 2018 due to the revamp of the U.S. tax code under the Tax Cuts and Jobs Act (TCJA). Thanks, in part, to the efforts of the accounting profession, including of the American […]
Posted on January 21, 2019
by
Angie Adames
The prospect of having a vacation property that you can use as your own personal retreat for part of the year and lease to others in return for rental income during other times is appealing to many individuals. However, it is important to understand the tax implications of renting your residential property, whether it be […]
Posted on January 17, 2019
by
Adam Cohen
Eligible employees who enrolled to participate in their employers’ health care flexible spending arrangements (FSAs) for 2019 will be able to contribute and use up to a maximum of $2,700 tax-free dollars to pay for certain medical expenses not covered by their health insurance plans this year. That’s a $50 increase from the 2018 FSA […]
The IRS announced the annual inflation adjustments to various provisions of the tax code for 2019. You should consider each of these changes very carefully as you plan for tax efficiency this year and when you prepare your 2019 tax returns in 2020. Tax Rates The top tax rate of 37 percent applies to individual […]
Posted on December 27, 2018
One of the welcome provisions contained in the Tax Cut and Jobs Act (TCJA) is a doubling of the estate, gift and generation-skipping transfer tax exemptions for the years 2018 through 2025. Nevertheless, on Jan. 1, 2026, the law calls for those amounts to roll back to their inflation-adjusted 2017 levels. Due to the temporary […]
Posted on December 19, 2018
by
Jack Winter
Taxpayers can save more in 2019 for their future retirement thanks to new contribution limits announced by the IRS. Workers who participate in their employers’ 401(k) or 403(b) retirement savings plans can contribute a maximum of $19,000 to those plans via salary deferral in 2019, up from $18,500 in 2018. Workers age 50 or older […]
Posted on December 17, 2018
by
Barry Brant
The permanent reduction of the corporate income tax rate from a maximum of 35 percent to a flat 21 percent has led many businesses to reevaluate their current tax positions and reconsider their entity choice. The decision to convert from a pass-through entity to a C corporation, however, should not be based solely on how […]
Posted on January 11, 2018
by
John Ebenger
The Internal Revenue Code permits owners of business- and income-producing real estate to deduct from their taxable income an allowance for the wear and tear, deterioration or obsolescence of property over time. In addition, some businesses have been able to accelerate depreciation deductions to more quickly recover the cost and other basis of certain capital […]
Posted on January 02, 2018
by
Adam Cohen
While the current administration failed in its attempts to fully repeal the Affordable Care Act (also known as Obamacare), it did secure under a package of tax reform the elimination of the health care law’s individual mandate beginning in 2019. Regardless of how all of this will play out, one consistent trend that continues to […]
