The Tax Blotter - Jan. 2018
Timing is everything in taxes and the new tax law —the Tax Cuts and Jobs Act -- is no exception. Generally, the provisions for individuals take effect in 2018, but there are several interesting wrinkles.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Benefits
2018 Tax Reform Law has Benefits for Some Small Businesses
The TCJA also benefits many small businesses while presenting new obstacles. In general, the revised rules for businesses take effect in 2018 and are permanent, unlike most changes for individuals.
Advisory
Effects of 2018 Tax Reform Law on Individuals, Deductions and Credits
Most of the key provisions likely to affect individual taxpayers take effect in 2018 (for taxes that will be reported by April 2019), but are scheduled to sunset after 2026. Keeping that in mind, here are the essentials you should know about.
Income Tax
New Tax Law Complicates Property Tax Deduction: How Pre-Paying Can Help
Before the new tax reform law – the Tax Cuts and Jobs Act (TCJA) -- was finalized, Congress made a slight concession to residents of high-tax states by including a limited deduction for state and local taxes (SALT), which includes state income, sales ...
Income Tax
Tax Reform Bills Full Of Errors and Confilcts
The new tax reform bills that passed the House and Senate were built on the “need for speed.” Both versions were rushed along in the hopes of a final measure arriving on the president’s desk before Christmas. But haste makes waste and, in this case, ...
Benefits
New Tax Reform Law Restricts 401(k) Contributions
An amendment to the Senate version of the sweeping new tax reform bill hinders the ability of older Americans to build up their retirement funds on a pre-tax basis.
Senate Passes GOP Tax Reform Bill
In a 51-49 vote following party lines, the Senate approved its version of the tax reform bill during a marathon session, with only one Republican, Tennessee Senator Bob Corker, voting against the measure. But it took some late additions – in barely ...
The Tax Blotter - Nov. 30, 2017
A collection of odd tax-related news.
Bad Dog! Tax Court Nips Dog Grooming School for Education Credit
Income Tax
7 Tax Tips for Year-End Charitable Donations
Under sweeping tax reform proposals being discussed in Congress, millions of taxpayers may no longer be itemizing tax deductions in 2018. This creates an added incentive to bolster 2017 donations.
A Detailed Look at Tax Reform: Changes to Deductions and Credits
Tax reform cleared its first major hurdle in Congress on November 16 when the House passed its version of the bill by a 227-to-205 vote mainly along party lines. (No Democrats voted for it.) But the legislation, which would generally be effective for ...
The Tax Blotter - Nov. 17, 2017
The chances of a tax protestor prevailing in court are slim to nil. Typically, taxpayers will argue that payment of tax is strictly voluntary or unconstitutional or they don’t have to pay taxes on religious or moral grounds, to no avail. But they keep ...