Tax

Case Study

19 Apr Positive Prognosis for Medical Deductions

Many miscellaneous itemized deductions, including unreimbursed employee business expenses, no longer can be used to reduce your income, starting with 2018 tax returns. Some observers predicted a similar demise for medical and dental expenses. As it turned out, these deductions not only were retained, the...

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Case Study

12 Apr Regard Roth Conversions Carefully

The Tax Cuts and Jobs Act (TCJA) devalues putting money into traditional tax-deferred plans and favors Roth versions. Does the same reasoning apply to conversions from Roth to traditional accounts? From a tax viewpoint, the answer may be yes, but other factors indicate you should...

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Case Study

10 Apr Rethinking Retirement Contributions

The Tax Cuts and Jobs Act (TCJA) generally lowered federal income tax rates with some exceptions. Among the ways in which lower rates impact tax planning, they make unmatched contributions to traditional employer retirement plans less attractive. Example one: Chet Taylor has around $100,000 in taxable...

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Case Study

05 Apr Know Your True Tax Rate

It has been widely reported that the Tax Cuts and Jobs Act lowers federal income tax rates for many people. The highest tax rate, for example, has fallen from 39.6% to 37%. Many people who are in lower brackets also stand to benefit. Example one: Alice...

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Article Headers

03 Apr Patience is Prudent

The Tax Cuts and Jobs Act (TCJA) of 2017 has been called the most extensive tax legislation in more than 30 years. It certainly is far reaching; covering individual and business income taxes and estate taxes. The new law has many tax saving opportunities as...

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Tax Deadline3

02 Apr April 17

Individuals: File a 2017 income tax return. If you want an automatic six-month extension of time to file the return, file IRS Form 4868, 'Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.' Then, file IRS Form 1040, 1040A, or 1040EZ...

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