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Itemized Deductions Series – Part 2: Deductions and Medical Expenses

When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant medical expenses before the first dollar becomes deductible. On Federal, taxpayers must meet a 7.5% of adjusted gross income (AGI) threshold before they receive any benefit. So, for a taxpayer with $200,000 of income, uncovered medical…
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Itemized Deductions Series – Part 1: The Basics

Itemized Deductions:  From Common and Easy to Unusual and Tricky For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported on standard documents —W-2’s, K-1’s and 1099’s. The recordkeeping for deductions mainly falls on the taxpayer. While certain deductions are reported on IRS forms…
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Is Your Retirement Plan Viable?

Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. While these questions are important, they are generalizations that don’t answer the most important questions. The Big Question Focusing on what your investments will generate is important but does not mean you’ll…
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Why Businesses Should Review Fidelity Coverage

Employee embezzlement, the act of an employee misappropriating company funds or assets for personal gain, is a pervasive risk that businesses cannot afford to ignore. While organizations often implement internal controls and monitoring mechanisms to mitigate this risk, no system is foolproof. Fidelity coverage, a specialized type of insurance that protects businesses against losses caused…
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Confused About Inherited IRA Rules? These Charts Simplify the New Guidelines

There seems to be a great deal of confusion about the required minimum distributions from inherited IRAs.  A wide variety of factual situations can occur, making a simple explanation impossible.  The following chart attempts to summarize the new rules for inherited IRA distributions. Due to confusion, the IRS has provided relief for beneficiaries who inherited…
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Trump Tax Plan

When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. Republicans are expected to use budget reconciliation to bypass Senate filibuster rules, allowing them to enact legislation without Democratic support. However, with narrow majorities in both chambers, they’ll need near-unanimous support within their ranks. Budget…
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Protect Personal and Company Information From Scammers

Various government agencies, along with law enforcement, are reporting an uptick in security-related scams. It is important to be aware of potential scams and discuss them with elderly family members, who are often victims. Social Security Related Scams Criminals continue to impersonate agency personnel in an attempt to obtain personal information or money. Scammers might…
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BOI Reporting Injunction Reinstated Again – Enforcement Paused

The Fifth Circuit Court of Appeals reinstated the CTA injunction on December 26th. This follows a reinstatement of the CTA filing deadline on December 23rd. So, as of December 26th, the filing requirement is on hold. The following alert was issued by FinCEN via their website: In light of a recent federal court order, reporting companies…
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Maximize Real Estate Depreciation Deduction with A Cost Segregation Study

Cost segregation creates a unique opportunity for building owners to minimize taxable income by maximizing depreciation expense in the year or years following the purchase or development of a building. Cost segregation is a method of allocating building costs to components with a shorter depreciable life, which increases the depreciation deduction in the early years…
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