Individual Tax Articles
Maximize the Qualified Business Income Deduction with Multiple Trusts
Posted by D’Marie Murray on January 22, 2020
Since the Tax Cuts and Jobs Act went into effect, owners of sole proprietorships and pass-through entities have been allowed to deduct up to 20% of their qualified business income. However, the benefits associated with Section 199A of the tax code may be reduced or eliminated if an owner's taxable income exceeds certain thresholds.
Important Tax Figures for 2020
Posted by Kevin Smeader on January 21, 2020
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2020, compared with 2019.
Setting Every Community up for Retirement Enhancement Act of 2019 (The SECURE Act)
Posted by Cheryl A. Jankowski on January 16, 2020
The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals.
New Tax Law Provides 10 Key Breaks for Individual Taxpayers
Posted by Angela Miles on January 16, 2020
A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals.
Tax Rules that Apply to Home-to-Rental Conversions
Posted by Michē Needham on January 14, 2020
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone.
Low Tax Rates Provide Opportunity to ‘Cash Out’ with Dividends
Posted by Cory Van Deusen V on January 14, 2020
Under current tax law, the federal income tax rate for C corporations is a flat 21%. In this favorable — but uncertain — tax environment, it could be advantageous for shareholders of profitable C corporations to arrange to pay corporate dividends to themselves.
IRS Helps Workers, Businesses with New Gig Economy Tax Center
Posted by Mark Janulewicz on January 10, 2020
This week, the Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.
The Potential Impact of New Appraisal Regs On Charitable Giving
Posted by Cheryl A. Jankowski on November 07, 2019
Do charitable gifts play an important role in your estate plan? If you make or plan to make substantial noncash gifts to charity, you should be aware of how new requirements for appraisals can affect those donations.
How to Reduce the Tax Hit on Soon-to-Be-Developed Land
Posted by Kristin Re’ on November 06, 2019
In many places, real estate prices are soaring. That's good news for owners of undeveloped land in those areas, but if they decide to subdivide and develop highly appreciated property, it could trigger a whopping income tax bill.
It’s Not an Estate Plan Without a Will
Posted by Robert Ingrasci on October 29, 2019
When you hear “estate planning,” you probably think of trusts and other vehicles for minimizing taxes and passing on more wealth to your heirs. However, a will remains the cornerstone of any estate plan.