Can You Claim Your Elderly Parent as a Dependent on Your Tax Return?
April 4, 2018 Knowledge Center
Can You Claim Your Elderly Parent as a Dependent on Your Tax Return?

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is […]

Casualty Losses can Provide a 2017 Deduction, but Rules Tighten for 2018
March 16, 2018 Knowledge Center
Casualty Losses can Provide a 2017 Deduction, but Rules Tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

Size of Charitable Deductions Depends on Many Factors
March 9, 2018 Knowledge Center
Size of Charitable Deductions Depends on Many Factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% gifts […]

A Not-So-Sweet Tax Could Be on the Menu
February 28, 2018 Knowledge Center
A Not-So-Sweet Tax Could Be on the Menu

By Greg Klein, CPA, Partner Many Americans are scrambling to figure out exactly how the new income tax bill will impact their personal income tax situation, but beware – these new taxes aren’t the only ones that may soon be hitting your pocketbook. Taxes with a Purpose Few would argue that taxes can, and do, […]

What’s Your Mileage Deduction?
February 28, 2018 Knowledge Center
What’s Your Mileage Deduction?

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these […]

Can You Deduct Home Office Expenses?
January 24, 2018 Knowledge Center
Can You Deduct Home Office Expenses?

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this […]

Tax Cuts and Jobs Act
December 29, 2017 Knowledge Center
Tax Cuts and Jobs Act

The recent passage of the “Tax Cuts and Jobs Act” (TCJA) means substantial changes for everyone. With a few exceptions, the changes for individuals are effective for tax years beginning after December 31, 2017 and expiring on January 1, 2026. Many of the entity changes are permanent. It was rumored at one time that the […]

401(k) Retirement Plan Contribution Limit Increases for 2018
December 19, 2017 Knowledge Center
401(k) Retirement Plan Contribution Limit Increases for 2018

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 […]

What You Need to Know About Year-End Charitable Giving in 2017
December 12, 2017 Knowledge Center
What You Need to Know About Year-End Charitable Giving in 2017

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your […]

7 Last-Minute Tax-Saving Tips
December 5, 2017 Knowledge Center
7 Last-Minute Tax-Saving Tips

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses […]

2 ACA Taxes That May Apply To Your Exec Comp
November 17, 2017 Knowledge Center
2 ACA Taxes That May Apply To Your Exec Comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options, or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning […]

Why You May Want to Accelerate Your Property Tax Payment into 2017
November 14, 2017 Knowledge Center
Why You May Want to Accelerate Your Property Tax Payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. […]