Overview of Tax Cuts and Job Act (TCJA) Changes Affecting Businesses
The following is a summary of some of the more significant changes under the new tax law that may affect your business. Reduction in Corporate Tax Rate and Dividends Received Deduction TCJA eliminates the graduated corporate tax rate structure and instead taxes corporate taxable income at 21 percent. It also eliminates the special tax rate […]
Overview of Tax Cuts and Job Act (TCJA) Changes Affecting Individuals
The following is a brief overview of TCJA’s key changes (and non-changes) affecting individuals. Tax Rates and Brackets TCJA provides seven tax brackets, with most rates being two to three points lower than the ones under present law (the top rate goes from 39.6 percent to 37 percent). The top rate kicks in at $600,000 […]
2017 year end tax planning for individuals
Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2017 tax bill. Often, the correct steps to take will depend on whether you see your income going up or down next year. If you’ve been following the news out of Washington, you probably […]
2017 year end tax planning for businesses
As the year draws to a close, it is important that we meet to calculate your business’s tax liability for 2017 so we can determine if additional actions are needed to reduce that liability. In addition, we need to ensure that enough estimated taxes have been paid to avoid any underpayment of estimated tax penalties. […]
Three Strategies for Handling Estimated Tax Payments
In today’s economy, many individuals are self-employed. Others generate income from interest, rent or dividends. If these circumstances sound familiar, you might be at risk of penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are three strategies to help avoid underpayment penalties: Know the minimum payment […]
Save Money Today by Deferring Capital Gains Tax
Imagine saving thousands of dollars on your next commercial real estate transaction. Section 1031 of the U.S. Internal Revenue Code allows for the exchange of one investment property for another, providing the opportunity to defer the capital gains tax on approved property transactions. A 1031 exchange is a method for selling one qualified property, then […]
“S” Corporation Taxation
An S corporation is taxed differently than an unincorporated proprietorship because the S corporation doesn’t incur self-employment tax. This is the tax on a proprietor’s profit that substitutes for payroll taxes covering Social Security and Medicare. Shareholders of an S corporation pay only regular income tax on their respective shares of business profit. Shareholders of […]
Personal Casualties Loss Calculations
There are rules that are unique to calculating the deduction for personal casualty losses. Basically, the actual loss is calculated as the lesser of: The difference in fair market value (FMV) of the property immediately before and immediately after the casualty, or The adjusted basis for determining loss from the sale or other disposition of […]
Hurricane Irma Personal Casualty Losses Update
The many victims of Hurricane Irma, as well as other recent storms, are now preoccupied with salvaging personal possessions and determining what their insurance will cover. When the extent of their losses becomes clear, victims will want to know what tax help they’re entitled to. Most tax help will come in the form of a […]
Personal Casualty Loss Rules
Summary As most counties in Florida were affected by Hurricane IRMA, it is important for taxpayers to understand the tax deductions and consequences of casualty losses. A casualty loss is defined as loss arising from a sudden, unexpected, or unusual event. Damage from progressive deterioration through time or operation would not be a casualty loss. […]
