Play Your Tax Cards Right with Gambling Wins & Losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA)
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Tag: Tax Cuts and Jobs Act
Choosing the Right Accounting Method for Tax Purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, but 2017 Conversions are Still Eligible
Converting a traditional individual retirement account (IRA) to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA, subject to
Do You Still Need to Worry About The AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal was not included in the final version of the
Close-Up on the New QBI Deduction’s Wage Limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The
Why The ‘Kiddie Tax’ Is More Dangerous Than Ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets.
Review Your Executive Compensation in Light of the TCJA
Although the Tax Cuts and Jobs Act (TCJA) was passed months ago, many employers are still grappling with its impact. One area that is easy to overlook is executive compensation.
The Tax Impact of The TCJA On Estate Planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and
Factor in State & Local Taxes When Deciding Where to Live in Retirement
Many Americans relocate to another state when they retire. If you are thinking about such a move, state and local taxes should factor into your decision. Income, property, & sales
The TCJA Changes Some Rules for Deducting Pass-Through Business Losses
It is not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. Starting this year, the