Year End Tax Update
With the end of 2019 fast approaching, let’s consider a few last minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was no significant new legislation in 2019 affecting most of us, situations do change from year to year, thus requiring a fresh look at how to approach year-end tax planning. The following are a few strategies that you might find beneficial.
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Tax Update
Late summer is a wonderful time to start talking about some tax planning strategies. Some of these may help cut your tax bill for the current year while others will allow you to minimize future taxes. All taxpayers were affected by the Tax Cuts and Jobs Act (TCJA) that went into effect January of 2018 and these ideas will factor in those changes.
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Tax Cut and Job Act - Businesses
On December 22, the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). The 503-page TCJA is the largest tax overhaul since the 1986 Tax Reform Act and it will affect almost every individual and business in the United States.
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Tax Cut and Job Act - Individuals
On December 22, the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). The 503-page TCJA is the largest tax overhaul since the 1986 Tax Reform Act and it will affect almost every individual and business in the United States.
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Tax Update - A Couple Things to Think About
With the upcoming Presidential election, it’s been fairly quiet with respect to new tax legislation. Here are a couple of things that do deserve our attention.
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Tax Extender Bill Passed
U.S. lawmakers approved $1.8 trillion worth of federal spending and tax breaks on Friday, December 18th.
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Portability Election
The IRS released final regulations (TD 9725) on the portability election on June 12, 2015.
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Tax Extenders
On December 16, 2014, the Senate passed the “Tax Increase Prevention Act of 2014”, extending some tax provisions that had expired on December 31, 2013.
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2014 Update
An update on tax changes in 2014.
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Healthcare Reform and More
Discussion of the US Supreme Court decision to uphold the individual mandate.
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Fiscal Cliff Deal
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012.
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