by Joan Buchman Miller | Dec 3, 2018 | income tax, tax planning
Individual tax planning in the TCJA environment is important. The largest tax overhaul in decades provides several opportunities for tax planning. Depending on your circumstances the new provisions could impact your income tax liability in various ways. Some of the...
by Joan Buchman Miller | Nov 26, 2018 | income tax, LLC, S Corporation, tax planning
Business tax planning is the TCJA environment is very important. The Tax Cuts and Jobs Act (TCJA) enacted in December 2017 made many changes to business and individual taxes. This week we are discussing some to the major changes to business taxes. Next week we will...
by Joan Buchman Miller | Nov 19, 2018 | depreciaion, income tax, tax planning
Bonus depreciation may be claimed for used property. The TCJA boosted the first-year bonus depreciation allowance from 50% to 100% for qualified property acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2023. That means a business can write off...
by Joan Buchman Miller | Nov 12, 2018 | income tax
IRS clarifies who is a qualifying relative for family credit purposes. Under the TCJA, effective for tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, you can’t claim a dependency exemption for dependents, including qualifying relatives, but you...
by Joan Buchman Miller | Nov 5, 2018 | income tax, LLC, S Corporation
IRS explains 20% deduction for qualified business income. The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here’s a summary of the basic rules: For tax...
by Joan Buchman Miller | Aug 13, 2018 | income tax
If you have been named the beneficiary of your spouse’s IRA, it is important that you understand the rules regarding IRA inheritance and the potential opportunities to defer taxes. The rules relating to inherited IRA’s are complex and it is important to consult with...
