INDIVIDUAL TAX

Estate and Gift Tax Changes from Tax Reform – Sweet as Honey

Tax Reform has made a significant impact on estate planning—and the changes are as sweet as honey. The most buzz-worthy, amongst the swarm of differences, is the increase in the lifetime exemption amount, which doubled under Tax Reform. Something to Hum About Under previous law, the lifetime exemption was $5 million adjusted for inflation, meaning [...]

2018-11-12T15:43:06+00:00February 13th, 2018|INDIVIDUAL TAX, March 2018, TAX REFORM: INDIVIDUAL TAX|

When Paying Vesting Agreement Taxes Now Can Equal Big Savings Later: 3 Winning Scenarios

Filing a Section 83(b) Election could equal significant tax savings for you in the following 3 scenarios: founder of a new company without value, low valuation high expectations company stock, or company with potential liquidating event, as Kellie Shipley shares. Contact CRI for help making your move.

2018-11-12T15:43:15+00:00January 17th, 2018|INDIVIDUAL TAX, VIDEO|

How Can Tax Credits Benefit You?

Do you know the difference between tax credits and tax deductions? And are you taking advantage of tax credits for actions you're already taking? Similar to deductions, tax credits incentivize individuals and businesses to reduce their overall tax liabilities. However, tax credits differ in that they provide a “dollar for dollar” reduction in [...]

2018-11-12T15:43:21+00:00January 17th, 2018|BUSINESS TAX, INDIVIDUAL TAX, VIDEO|

Understanding Tax Reform’s New Pass-Through Entity Deduction

As many business owners might tell you, there are times when business income and individual income can feel like two parallel universes co-existing in the cosmos. While they are closely related, passing through income from one to the other can seem as complicated as space travel itself. Lucky for you, recent changes within the Tax [...]

3 Controversial Tax Reform Topics Impacting Individual Tax Returns

There are many new interesting aspects in the Tax Reform that may tug on individual taxpayers’ wallets. Here are highlights of three main areas potentially dividing dollars. 1. Alimony One area that seems to be falling under the radar is the impact on divorce settlements. For divorce or separation agreements executed after December 31, 2018, [...]

New Year, New Rules for Itemized Deductions

According to 2015 IRS statistics, approximately 30% of all taxpayers itemize their deductions. And with Tax Reform affecting many areas of the Tax Code, Schedule A and itemized deductions are no exception. If you have itemized deductions previously, or are considering future itemization, below are some of the significant changes and considerations when deciding what [...]

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 [...]

2018-11-12T15:43:41+00:00December 2nd, 2017|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Why Donating to Disaster Relief Can Have Optimal Tax Benefits

If you were fortunate enough to have not been impacted by hurricanes, tornadoes, wildfires, or other natural disasters this year, then 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 [...]

2018-11-12T15:44:02+00:00October 3rd, 2017|DISASTER RECOVERY, INDIVIDUAL TAX|

Don’t Let These 7 Tax Terms Scare You

It can be startling to see terms that you do not recognize, particularly terms applying to taxes. Take a few minutes to familiarize yourself with these common tax terms so that they don’t spook you! 1. AGI Adjusted gross income (AGI) is the number you add to that very last box on Page 1 of your [...]

2018-11-12T15:44:09+00:00September 26th, 2017|INDIVIDUAL TAX, OCTOBER 2017|

Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the deadline to file your tax return—or request an extension—has passed you may also 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 summer. [...]

2018-11-12T15:44:54+00:00May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

“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 meeting with [...]

2018-11-12T15:45:44+00:00February 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.

2018-11-12T15:46:25+00:00January 12th, 2017|INDIVIDUAL TAX, VIDEO|

Charitable Contribution Documentation: Just Do It

With an increase in charitable giving, the IRS has increased its focus on proper acknowledgement of donations and that charitable contribution documentation; specifically, cancelled checks and credit card statements are no longer acceptable receipts for tax purposes. Watch as Debbie Alexander and George Hawkins discuss adequate charitable contribution documentation for tax purposes and [...]

2018-11-12T15:49:42+00:00February 2nd, 2016|INDIVIDUAL TAX, VIDEO|

Charitable Donation Documentation: 6 Answers to Know

Well, they say that it is better to give than to receive, so how about choosing both simultaneously—now? For most of us, the tax benefits that are part and parcel of charitable donations can be a crucial component of our decision to give. And it’s always important to remember that there are creative ways to contribute; [...]

2018-11-12T15:50:57+00:00September 25th, 2015|INDIVIDUAL TAX|