IRS released a draft of the 2018 Schedule A. It reflects the changes to itemized deductions that were enacted under last year’s tax reform law. Note that because of the higher standard deductions, far few filers will itemize in 2018 than in the past years. Continue reading “2018 Schedule A”
Start thinking about your gift giving plans. There are things you can do to reduce your tax bill when giving to family members or donating to charity.
If you want to head off a tax bill from Uncle Sam next spring, right now is the best time to prepare. Continue reading “Take These Steps Now to Avoid a Tax Surprise In 2019”
Lawyers and accountants often push their clients to plan for unpleasant events. Better to be prepared now than to pay the consequences later. But the Republican tax law that took effect in January has added a new urgency for wealthy Americans contemplating divorce. Continue reading “Should You Get a Divorce Now or Later?”
Clients are clamoring for information on becoming pass-through entities, thanks to a provision in the Tax Cuts and Jobs Act that allows for a 20 percent deduction on qualified business income received through a small-business entity such as an LLC or an S corporation.