April 2, 2020
Converting Traditional IRA to ROTH with Charitable Contributions
With traditional IRAs at depressed values, consider converting the IRA to a ROTH IRA in combination with an increase in your charitable contributions. The result could be zero tax on the conversion. Summary A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. …
March 27, 2020
COVID-19 and the Impacts to ASC 740 Income Tax Accounting
Companies affected by the COVID-19 pandemic need to consider the income tax accounting implications resulting from the current economic environment and the anticipated bill likely becoming law before March 31st. For companies with the March quarter ends, they will need to act fast in order to incorporate impacts into their tax provisions. The consideration to …
March 24, 2020
COVID-19: Estate and Wealth Transfer Planning Steps to Consider
During this time of uncertainty, we hope you and your loved ones are staying safe health-wise. In the current environment, there are also some financial planning steps you may want to consider. Estate Planning Documents For anyone who does not currently have any estate planning documents, we highly recommend that you contact an estate planning …
September 25, 2018
Tax Planning for Investments Gets More Complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the …
September 18, 2018
The Tax Deduction Ins and Outs of Donating Artwork to Charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit …
September 4, 2018
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 …
August 28, 2018
Back-to-School Time Means a Tax Break for Teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the …
August 21, 2018
Play Your Tax Cards Right with Gambling Wins and Losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and Taxable Income You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies …
August 7, 2018
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, but 2017 Conversions Are Still Eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts …
July 31, 2018
Do You Still Need to Worry About the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize …