Have Business Income? If So, You Score Big with the New Tax Reform
As a small business owner, if you have qualified business income, you may qualify for a nice tax break thanks to the Tax Cuts and Jobs Act. We explain in this week’s Business Tip.
Estate Tax Exemption Doubled under Tax Reform
The estate tax exclusion for 2018 is $11,180,000 for individuals and $22,400,000 for married couples—and the portability provision is still in place! Learn more in this week’s Estate Planning Tip.
Tax Reform Cracks Down on IRA Recharacterizations
Beginning in 2018 Roth conversions of a Traditional IRA cannot be undone. Once a conversion is made, you will have to live with the tax consequences. Learn more in this Tax Tip.
Home Equity Loan Interest Could Still Be Deductible
Bil Lako, CFP®, and Troy Harmon, CFA, CVA, are joined by Managing Associate, Shawna Theriault, C.P.A., CFP®,CDFA®, to talk about recently released guidance from the IRS regarding the deductibility of home equity loan interest in context of the Tax Cuts and Jobs Act.
Personal Casualty Losses Axed by the New Tax Law
For tax years 2018 through 2025, the Tax Cuts and Jobs Act has suspended the itemized deduction for personal casualty and theft losses—but there is an exception. We explain in this week’s Insurance Tip.
If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips
The IRS and the State Department have established procedures for denying passport applications or revoking previously issued passports for taxpayers who have a seriously delinquent tax debt. Read more in this Tax Tip.
Call Foul if the IRS Calls to Threaten You
In today’s Marietta Daily Journal, Bil Lako, CFP®, explains when it is and when it isn’t the IRS calling you. Read the Article
Tax Reform Puts a Cap on Deducting Business Losses
The tax reform law didn’t outlaw business losses. It just limits your losses. Excess losses are treated as a net operating loss (NOL) and carried forward to the next year’s return. We explain in this week’s Tax Tip.
Call Foul if the “IRS” Calls to Threaten You
As it is prime tax season, Chief Investment Officer Troy Harmon, CFA, CVA is joined by Principal Jennifer J. Thomas, CFP®, and Managing Associate K.C. Smith, CFP®, to discuss some of the many devious scams that thieves are using, capitalizing on the common fear of the IRS. They also provide some tips to how to really know when it is the IRS contacting you.
How Small Businesses Write Off Equipment Purchases
Small businesses have several options for deducting the purchase of equipment on their taxes. Which one do you choose? Depends on how big of a deduction is needed, and when. We explain in this week’s Business Tip.