Articles & newsletters

March 1, 2018

Dynasty trusts are more valuable than ever

The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been discussed before … Continue reading Dynasty trusts are more valuable than ever

Heed the warning signs of W-2 phishing scams

A growing number of businesses have been victimized by W-2 phishing scams. In a traditional phishing scam, a criminal tricks someone into providing confidential information and then uses it to steal money and/or the victim’s identity. The W-2 phishing scam is a variation on this. Whether you’re a business owner, work in management or are simply an … Continue reading Heed the warning signs of W-2 phishing scams

Business owners: Brush up on bonus depreciation

Every company needs to upgrade its assets once in a while, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year. Old … Continue reading Business owners: Brush up on bonus depreciation

The changing face of personal exemptions and the standard deduction

Personal tax exemptions and the standard deduction have looked largely the same for quite some time. But, in light of the Tax Cuts and Jobs Act (TCJA) passed late last year, many individual taxpayers may find themselves confused by the changing face of these tax-planning elements. Here are some clarifications. For 2017, taxpayers can claim … Continue reading The changing face of personal exemptions and the standard deduction

January 30, 2018

Take a look at the domestic production activities deduction

The domestic production activities deduction (DPAD) provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook this valuable tax break because they believe it’s applicable only to certain industries. In fact, the deduction remains available to a wide range of businesses for the 2017 tax year. Significant benefits Calculating the … Continue reading Take a look at the domestic production activities deduction

Making 2017 retirement plan contributions in 2018

The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April … Continue reading Making 2017 retirement plan contributions in 2018

Do you know the tax impact of your collectibles?

They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. Sales The IRS … Continue reading Do you know the tax impact of your collectibles?

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return. Basic qualifications For you to qualify for the adult-dependent exemption, in most cases your parent must have less … Continue reading When an elderly parent might qualify as your dependent

December 28, 2017

Still important: The tax impact of business travel

With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes, a company may deduct all ordinary and necessary expenses paid or incurred … Continue reading Still important: The tax impact of business travel

Help prevent tax identity theft by filing early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in mind: … Continue reading Help prevent tax identity theft by filing early