Effective with the 2018 tax year, the Tax Cut and Jobs Act (ACT) reduced the allowable deductions for individual taxpayers who itemized their deductions on Schedule A. (Note: If you did not itemize … [Read more...] about 2% MISCELLANEOUS TAX DEDUCTIONS – WILL YOUR TAXES INCREASE?
Archives for March 2018
HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED? Many persons complain about the very low interest that money market accounts pay. While that is of concern, how many persons hold U.S. treasury bonds … [Read more...] about HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?
Classic Example of Double-Taxation with C Corps Holding real estate in a C Corporation (or an LLC taxed as a C Corporation) is generally a very bad idea from a tax perspective. Let’s … [Read more...] about Why Holding Real Estate in a C Corporation Is a (VERY) Bad Idea
New Partnership Audit Rules New Rules Became Effective January 1, 2018 If you are a partner in a partnership or in an LLC taxed as a partnership, you need to know that there are new IRS audit rules … [Read more...] about New Partnership Audit Rules