[youtube https://www.youtube.com/watch?v=yjm-XjmSAus]According to a study from Fidelity Investments, financial New Years resolutions are on the rise. A year ago, approximately 27% of Americans admitted to having a financial resolution for 2018. This year that number is up 5% as a full 32% of survey respondents say that have financial resolutions for this coming year. While there [...]
As tax reform efforts progressed late last year, there were high hopes that the individual Alternative Minimum Tax (AMT) would be repealed. Unfortunately, it still exists under the TCJA. The good news is that you are allowed a relatively generous AMT exemption, which is deducted in calculating your AMT income. The TCJA significantly increases the AMT [...]
[youtube https://www.youtube.com/watch?v=1ndjTImEGjU]Take some time at the end of the year to focus on your finances. Whether your goals are to reduce taxes, or to simply focus more on retirement, now is a great time to get yourself prepared for next year. Here are some places to start: Look over your finances. Make sure you are aware [...]
Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after 2018, the alimony-paying spouse won’t be able to deduct the [...]
Before the TCJA, taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also, taxpayers could deduct interest paid on up to $100,000 ($50,000 if married filing separately) of home equity debt, regardless of how [...]