INDIVIDUAL TAX

A Forest of Changes Potentially Ahead: Individual Tax Reform through the TCJA 12.05.07

December 5th, 2017 -- Individuals are highly anticipating the sweeping tax reforms that have been promised by Republicans in Congress and the White House. While the House and Senate have each passed their respective versions of that tax reform, Congress will need to negotiate a single tax package before those provisions can be signed into [...]

December 5th, 2017|DECEMBER 2017, INDIVIDUAL TAX, TCJA: INDIVIDUAL TAX|

4 Debt Management Magic Tricks for Financial Success

Debt is a reality for many Americans. Consider the following statistics from consumer information provider ValuePenguin: The average amount of credit card debt in America is $5,700. More than one-third of all American households have credit card debt. The total outstanding U.S. consumer debt is $3.9 trillion. Many individuals find themselves underestimating or ignoring their [...]

December 2nd, 2017|INDIVIDUAL PLANNING, INDIVIDUAL TAX, JUNE 2017|

The Premiere of Tax Reform is Coming…Maybe

Candidate Trump promised monumental and comprehensive tax reform when he was running for President. With a Republican-controlled Congress and a Republican in the White House, one would presume that President Trump might now be able to deliver on that promise. However, the experience of dealing with ACA “repeal and replace” has many experts more cautious [...]

November 7th, 2017|BUSINESS TAX, INDIVIDUAL TAX, NOVEMBER 2017|

Hurricane-Related Tax Incentives & Employer Tax Credits Available

With autumn colors abounding, temperatures falling, football ongoing, and Halloween ghouls and ghosts now trailing behind us, many people start looking forward to Thanksgiving. Thanksgiving is a time for people to reflect and give thanks for things such as family, friends, health, and shelter. However, this reflection also causes us to pause and realize that [...]

October 26th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX, NOVEMBER 2017|

Why Donating to Disaster Relief Can Have Optimal Tax Benefits

If you were fortunate enough to have not been impacted by Hurricane Irma or Hurricane Harvey’s wrath, why not consider making a charitable donation to the victims? There are several “smart” ways to make a contribution that will help provide disaster relief and also get you tax deductions and other rewards for your generosity. While [...]

October 3rd, 2017|DISASTER RECOVERY, INDIVIDUAL TAX|

Don’t Let These 7 Tax Terms Scare You

It’s that time of the year when neighbors hang ghosts in their front yard, cobwebs and witches adorn the breakroom, and jack-o’-lanterns are on every corner. That eerie vibe shouldn’t carry over into tax-planning season, though. Take a few minutes to familiarize yourself with these common tax terms so that they don’t spook you! 1. AGI [...]

September 26th, 2017|INDIVIDUAL TAX, OCTOBER 2017|

Summon These Superheroes to Protect You From the Equifax Breach

On July 29, 2017, the world could have used a cyber superhero to save millions of Equifax customers from an Equifax security breach. Data items such as social security numbers, birthdates, addresses, and credit card information were exposed – stolen! – through a vulnerability introduced in a patching process for a website application. This type [...]

September 26th, 2017|CYBERSECURITY, INDIVIDUAL TAX, OCTOBER 2017|

Tax Deadlines Extended for Hurricane Harvey Victims

Highlights of Texas Taxpayer Relief Due to Recent Storms and Floods **Updated 10/30/2017** As anticipated, the IRS is providing disaster relief to Hurricane Harvey victims - individuals, businesses, and relief workers. The IRS has granted automatic extensions for several tax-filing and tax-payment deadlines to qualifying taxpayers in the following Texas counties: Aransas, Austin, Bastrop, Bee, Bexar, [...]

September 13th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

IRS Announces Tax Relief for Hurricane Irma Victims

**Updated: 10/30/17** Hurricane Irma's record-breaking size, speed, and endurance recently precipitated billions of dollars of damage, and her timing couldn't have been worse for U.S. victims with fast-approaching tax filing deadlines. To help, the IRS has announced that it will provide tax relief to qualifying taxpayers in the Presidential Disaster Areas, as well as areas identified by the [...]

September 12th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

Up Next at Auction: Make a Winning Bid Using Mortgage Interest Points

When a lender offers the next item up for bid – a brand spanking new mortgage! – a working knowledge of mortgage interest points can help a borrower come in with the strongest bid. Going once: Understanding mortgage interest points Mortgage interest points are payments made by a borrower to the lender when securing a [...]

July 26th, 2017|AUGUST 2017, INDIVIDUAL TAX|

Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the April 18 deadline to file your tax return—or request an extension—may also come the desire to purge some prior year documents such as receipts, canceled checks, and bank and brokerage statements. Follow these general retention tips for individuals and businesses as you head toward the blue skies of [...]

May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

Knocking Down the “Pins” of Self-Employment Tax Challenges

Today’s technology strives to make self-employment easier than ever. However, those who work for themselves can face some distinctive self-employment tax challenges. Such individuals can step into the following three “lanes” to help overcome these obstacles. Lane #1: Learn Liabilities Because self-employed individuals are liable for self-employment tax, they must pay both the employee and [...]

March 27th, 2017|APRIL 2017, INDIVIDUAL TAX|

“Yours, Mine, or Ours?”: Determining Community and Separate Property in a Divorce

Additional Articles in Series “Yours, Mine, or Ours?”: Identifying and Valuing Marital Property “Yours, Mine, or Ours?”: 4 Income Tax Considerations of a Divorce It is often estimated that approximately half of all U.S. marriages end in divorce. While some may consider this statistic to be common knowledge, what is [...]

February 22nd, 2017|INDIVIDUAL TAX, MARCH 2017|

“Yours, Mine, or Ours?”: 4 Income Tax Considerations of a Divorce

Additional Articles in Series “Yours, Mine, or Ours?”: Determining Community and Separate Property in a Divorce “Yours, Mine, or Ours?”: Identifying and Valuing Marital Property In our “Yours, Mine, or Ours?” series, we have explored the issues of separate property and marital assets as they relate to Bob and Helen, [...]

February 22nd, 2017|INDIVIDUAL TAX|

“Yours, Mine, or Ours?”: Identifying and Valuing Marital Property

Additional Articles in Series “Yours, Mine, or Ours?”: Determining Community and Separate Property in a Divorce “Yours, Mine, or Ours?”: 4 Income Tax Considerations of a Divorce The first part of our “Yours, Mine, or Ours?” series introduced Bob and Helen, a divorcing couple living in Texas. In the first [...]

February 22nd, 2017|INDIVIDUAL TAX|

Extensions and Amendments: What Increases Your IRS Audit Risk

Contrary to popular belief, tax extensions may be more likely to make the IRS smile than frown. Watch as Matt Zasada explains why filing an extension might be less risky than rushing to meet a deadline.

January 12th, 2017|INDIVIDUAL TAX, VIDEO|

Why the Election Outcome Could Bring an Avalanche of Tax Law Changes

The election of Donald Trump as president of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. Tax Code. Based on Trump’s tax reform plan released earlier this year, tax law changes may include a reduction in tax rates for some individual [...]

November 10th, 2016|BUSINESS TAX, INDIVIDUAL TAX, NOVEMBER 2016|

The PATH Act: Providing A “Cornucopia” of Tax Savings

It seems like retailers just put up their back-to-school sale displays, which are already being replaced with Thanksgiving decorations. While planning your Black Friday shopping strategies, consider gifts which come with a bonus from Uncle Sam that could help your gift bear fruit for many tax years to come. The Protecting Americans from Tax Hikes [...]

October 24th, 2016|INDIVIDUAL TAX|

Why Your Tax Vote Counts This Presidential Election

The President of the United States leads our country on many fronts – international trade, immigration, and education to name a few. The President also dramatically influences the economy, especially through tax law. Those influences can have a major impact on us and on future generations. One example of the ability of a president to [...]

August 7th, 2016|INDIVIDUAL TAX, SEPTEMBER 2016|

Busting 3 Common Individual Tax Return Myths

Nobody wants to be the target of an IRS audit. Fear of an audit leads taxpayers to believe in myths about what may or may not trigger the wrath of the IRS. Unfortunately, these misconceptions could potentially steer taxpayers toward greater audit risk and a higher tax bill. Below are three widespread individual tax return [...]

July 19th, 2016|AUGUST 2016, INDIVIDUAL TAX|