The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.
You volunteer? That's great! Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering — but the rules are complex.
If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.
“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.
Investing in qualified small business (QSB) stock offers some attractive tax benefits, especially considering that the Tax Cuts and Jobs Act (TCJA) didn’t cut long-term capital gains rates.
Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.
Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.
Have you recently been awarded restricted stock or do you expect to be awarded such stock this year? The Section 83(b) election can be beneficial if the income at the grant date is negligible or the stock is likely to appreciate significantly. Here’s why.
The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Learn more about the tax treatment of home sales.
Post-TCJA withholding tables could put you at risk of significantly underwithholding your federal income taxes and being hit with an unexpectedly high tax bill when you file your 2018 tax return next year. Here’s what to do to avoid this outcome.
If you recently filed your 2017 individual income tax return or filed for an extension, it may seem like some time off from thinking about taxes is in order. But taking such a break could be costly, especially this year.
After having filed your individual income tax return, you may find yourself buried in tax-related documentation. But you might be reluctant to purge for fear of tossing something important. Here are some tax record retention guidelines that can help.
Today wasn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.
Today many people provide some financial support to an elderly parent. If you’re among them, you might qualify for a tax break on your 2017 or 2018 return. But the available break depends on the year.
Are you a homeowner? Then home-related tax breaks may provide significant savings on your 2017 return. But the tax-saving outlook isn’t as rosy for 2018.
A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.
December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do
on your 2017 return.
Miles driven for certain purposes can be tax deductible. But the rules are complex. And under the TCJA you may not be able to deduct some types of mileage expenses on your 2018
return that are deductible on your 2017 return.
If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.
The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your
2017 return.
The sales tax deduction can be valuable if you reside in a state with no or low income tax or purchased a major item, such as a car or boat. Can it reduce your 2017 tax bill?
Maybe. 2018 savings are more uncertain.