5 things on your to-do list before new tax plan is implemented in 2018 Prepay 2018 property tax bill: Prepaying is fine as long as you agree with your property tax valuation. Many jurisdictions will not allow you to protest your property tax valuation if you prepay. Check with a property tax attorney as needed.Read more about 5 things on your to do list before new tax plan is implemented in 2018[…]
Here’s how the new tax plan impacts your business… Below are few major highlights for Corporations/ Businesses. Reduction in corporate tax rate: Under the new tax plan, corporate income is taxed at a top rate of 21% instead of 35%. Alternate Minimum tax: The bill repeals AMT for corporations. Multinational corporation taxes: Currently, US operatesRead more about Here’s how the new tax plan will impact your business…[…]
Here’s how the new tax bill will impact your taxes Below are few major tax highlights and the impact the new tax plan may have on your 2018 tax bill. Individual tax filers Health insurance: There is no penalty for not buying health insurance Estate taxes-exempts most: Estate tax is the threshold permitted under the lawRead more about Here’s how the new tax bill will impact your taxes[…]
9 Year-end Tax Planning Strategies for High-income earners 1) Accelerate deductions: Accelerate deductions in December to take the deduction in the current year. However, be aware of the items that may be subject to Alternative Minimum Tax. AMT is an alternative tax calculation that has been established to ensure you do not take anyRead more about 9 Year-end Tax Planning strategies for High Income Earners[…]
Retirement distributions and contributions: Plan your final contributions to employer-sponsored 401k plans, retirement contributions to Roth, Traditional IRA. Contributions to Health savings accounts: You can contribute up to $6,750 per family and $3,400 for self-only. If you are 55 or older as of December 31, 2017, you may be eligible for another $1,000. Dependent care forms: Complete/request theRead more about Year End Tax Planning Checklist for Individual tax payers[…]
For Business owners: You can deduct as many business gifts as you like. The amount of deduction is limited to $25 per gift recipient per year. So if you gift to six different people, the total business tax deduction would be $150. Are gifts received taxable? Gifts you receive are not taxable. So you can enjoyRead more about Holiday Gift Giving and Tax Deductions[…]
