Year-End Tax Tips for Medical Practices
As the year comes to a close, we share a few tips to help you bring the year in for a smooth landing. Personal Tax Projections Take the time to prepare your personal tax projection and compare your estimated tax liability to the tax you have paid to date. This does not need to be…
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Final Rule: Overtime Update
Final Rule: Overtime Update On September 24, 2019, the U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The final rule updates the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements, and allows employers to…
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Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability…
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The Tax Impact of the TCJA on Estate Planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for…
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Do you need to make an estimated tax payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely…
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The Tax Cuts and Jobs Act— The Death of Alternative Minimum Tax?
The Tax Cuts and Jobs Act (TCJA) made major changes to the Alternative Minimum Tax (AMT). The minimum tax was enacted in 1969. The idea was for high-income households (with lots of deductions) to pay their share of taxes. There was a problem, though. The AMT exemptions were never indexed for inflation, so as wages…
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The Tax Impact of the TCJA on Estate Planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for…
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Tax Record Retention Guidelines for Individuals
What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard. The 3 Year and 6 Year…
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The Tax Cuts and Jobs Act—Changes to the Child Tax Credit
The Tax Cuts and Jobs Act (TCJA) brought major changes to the child tax credit. For tax years 2018 through 2025, the credit is doubled from $1,000 to $2,000 per qualifying child. In addition, up to $1,400 of the credit is refundable. What’s more, the income phase-out was expanded, which means more taxpayers will…
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The Tax Cuts and Jobs Act—Few Changes for Capital Gains and Qualified Dividends
PART 8 Sometimes the more things change, the more they stay the same. That’s the case with the Tax Cuts and Jobs Act (TCJA) as it relates to capital gains and qualified dividends. What changed? Not a lot, actually. First of all, the tax reform act retained the same capital gains rates on long-term capital…
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