Category: Tax Planning

Most people have heard of Roth IRAs, but many people do not know that a Roth version of the 401(k) plan is available as well. Although this type of account […]

Borrowing money comes with a legal obligation to repay what is borrowed plus interest.  But what happens when part of the debt is forgiven? After the initial relief of not […]

The Ways and Means Committee of the US House of Representatives has unanimously passed a bill called the SECURE Act.  The act contains some major changes to retirement tax law.  […]

A capital gain or loss occurs when an individual or business sell a “capital asset.” A capital gain occurs when the selling price of the asset is higher than the […]

In short, the answer is yes. The Tax Cuts and Jobs Act made changes to meals and entertainment deduction, however business meals are still deductible.  Entertainment expenses, other than meals, are […]

The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax […]

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks. […]

The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made […]

There are two types of tax advantaged individual retirement accounts (IRAs): the Roth IRA and Traditional IRA.  Taxed advantaged IRAs allow you to put a certain amount of money away […]

The EITC is a subsidy the federal government provides to those who work but earn very little. For 2018, the IRS has provided a table for income limits—numbers are up […]

Real estate can be a great investment, and many people don’t know they can also put property into their IRAs. However, they have to be careful: one small mistake and […]

The kiddie tax is a set of laws designed to stop parents from moving assets to their children to avoid paying taxes. It applies to unearned income — that is, […]