Category: Tax Planning

When you sell a capital asset — property owned and used for personal or investment purposes — the sale will result in either a capital gain or a capital loss. […]

Legislation in 2019 — the Taxpayer Certainty and Disaster Tax Relief Act — resurrected or extended several income tax breaks. But Congress giveth and taketh away, and several of them […]

There are tax credits to help parents and/or students pay for higher education.  The credits were designed to incentivize Americans to further their education.  There are two higher education credits: […]

The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, […]

Contrary to rumors, the Tax Cuts and Jobs Act of 2017 allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines […]

Net investment tax is a 3.8% surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage […]

The IRS has granted relief for 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. In Notice 2020-29, the IRS has: Extended claims periods for taxpayers to apply […]

The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the […]

A freelancer does work for another individual or business without an employment contract, often on an as needed basis.  Generally the term freelance is used for work that could be […]

Every year, the IRS takes a fresh look at contribution limits and makes changes as necessary. Below are some of the more significant changes for 2020: Contribution limits for employees […]

Businesses often start out as sole proprietorships simply because it is the simplest entity type with the easiest setup. Unlike other business structures, no formal set up is involved.  An […]

Itemized Deductions Not much has changed regarding Itemized Deductions since the new tax law passed in 2017.  Here is a refresher on what changed for itemized deductions as a result […]