Key Tax Considerations You Should Be Aware Of

By now, we’re in full swing under new tax laws. The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017, with taxpayers seeing the real effects when they filed their returns in 2019. This legislation has made a profound impact on many taxpayers and has created new planning opportunities. Here [...]

Seniors Who Turned 70½ Last Year Must Start Receiving Retirement Plan Payments by April 1

In most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. Two payments in the same year The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those persons [...]

Year End Tax Planning Considerations For The Individual

Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET INVESTMENT INCOME (NII), OR 2. THE EXCESS OF MODIFIED ADJUSTED GROSS INCOME (MAGI) OVER A THRESHOLD [...]

Several Tax Law Changes May Affect Bottom Line of Many Business Owners

The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect [...]

Bunch Charitable Contributions through Donor-Advised Funds

The TCJA temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, the standard deduction has almost doubled. Combined with the capping of the state and local tax deduction at $10,000 per year ($5,000 for a married taxpayer filing a separate return), changes to the [...]