Loss of Tax Deductions, Gains of Tax Credits
Bil Lako, CFP®, explains while everyone lost personal exemptions, many more taxpayers gained the child tax credit. Read the Article on Sean Hannity’s Website
Loss of Tax Deductions, Gains of Tax Credits—An Example
In simplistic terms, the Tax Cuts and Jobs Act doubled the standard deduction and eliminated several tax deductions. Ideally, less people will itemize; however, many may pay less in taxes. Let’s look at a family, married filing jointly and with three children. hensslervideo_personal_finance
Loss of Tax Deductions, Gains of Tax Credits
Research Analyst Nick Antonucci, CVA, joins Managing Associate, Shawna L. Theriault, C.P.A., CFP®, CDFA®, and Senior Associate Jarrett McKenzie, CFP®, CWS®, to delve deeper into the Tax Cuts and Jobs Act, taking a look at how the larger standard deduction and child tax credit could affect families now that they’re losing personal exemptions.
Recharacterization is Off the Table
In today’s Marietta Daily Journal, Bil Lako, CFP®, explains how going forward, Traditional to Roth IRA conversions are a permanent decision for investors. Read the Article
Loophole for Specified Service Businesses to Qualify for the 20 Percent Tax Deduction
You heard the headline that “service businesses” weren’t eligible for a 20% deduction on pass-through income, however, you can still get the deduction if your joint taxable income is less than $315,000. We explain in this Business Tip.
Service Businesses and the 20% Tax Deduction
Henssler Financial provides a simplified example how some “specified service or trade businesses” can still qualify for the 20% deduction on qualified business income. hensslervideo_personal_finance
Not All Interest Is Deductible For Taxes
Not all loan interest is the same! The rules for deducting interest on your taxes depend on whether the loan proceeds are used for personal, investment, or business activities. We explain in this week’s Tax Tip.
In the News: Eye on Your Money: Not All Business Tax Cuts Are Simple
Hannity finance expert and Principal of Henssler Financial, Bil Lako, CFP®, weighs in on the new tax bill.
Employee vs. Independent Contractor – Tips for Business Owners
Employers who misclassify workers as independent contractors can end up with substantial tax bills
and face penalties for failing to pay employment taxes and not filing the required tax forms. Read more in this week’s Business Tip.
Gambling – Income Tax Conundrum
There are far more issues related to gambling than you might imagine, and they may be impacting your taxes more than you know. We explain in this week’s Tax Tip.