Tax reform: What the 2017 Tax Cuts and Jobs Act means for you

The U.S. House of Representatives and Senate passed the “Tax Cuts and Jobs Act” on December 20, 2017, and President Trump signed the law before Christmas. This piece of legislation is the most comprehensive change to the tax code since the Tax Reform Act of 1986. Because most of changes took effect January 1, 2018,… Read more »

Highlights of the 2017 Tax Cuts and Jobs Act

The U.S. House of Representatives and Senate passed the “Tax Cuts and Jobs Act” on December 20, 2017, and President Trump signed the law before Christmas.  This piece of legislations is the most comprehensive change to the tax code since the Tax Reform Act of 1986. Most of these provisions take effect for tax years… Read more »

Senate Version of the New Tax Bill

The Senate Finance Committee revealed their version “Tax Cuts and Jobs Act” on November 9. The changes are too numerous to list, and this post focuses on the highlights of the proposal. Most of the changes are effective for tax-years beginning after 12/31/17.  Like the House Version, the Senate’s nearly doubles the standard deduction for each… Read more »

Things to Consider About New Tax Bill

The House of Representatives revealed their proposed “Tax Cuts and Jobs Act” this week. The bill is touted as tax relief to middle income families, but in reality, with the loss of many adjustments to income and Schedule A deductions, it is difficult to determine who will benefit from this tax bill. The media is… Read more »

Taking advantage of the Business Solar Energy Credit

Solar energy systems used in a trade or business may qualify for a tax credit of 30% of the cost. It can be added to business or rental property as long as it is part of a business or trade that is for-profit. Some enterprising individuals have even begun investing in solar energy systems that… Read more »

Don’t mortgage, or refinance real property without knowing how it effects your taxes – Part 1

Many taxpayers make the mistake of refinancing their primary or second residence, or real property held for investment, and then find out that some or all of the interest is not deductible.  Contrary to what friends, relatives, and others may tell you, mortgage interest is not always deductible.  Certain conditions must be met in order… Read more »

Don’t Buy or Sell Any Business or Investment Personal Property without Talking to Your Tax Advisor

  Like selling real property, one should not contemplate buying or selling tangible or intangible personal property without consulting with your tax advisor.   The most common assets sold by most taxpayers are investments assets consisting of stocks or other securities.  Typically, the length of time a taxpayer owns the security is critical in determining… Read more »

Don’t Buy or Sell Any Real Estate without Knowing the Tax Ramifications

Real estate values have recovered since the crash at the end of the last decade and I have noticed many clients are contemplating selling appreciated real property. Doing so has the potential to generate large federal and state tax liabilities.  There are many provisions in the tax code that allow for partial or complete exclusions… Read more »