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Recent Developments

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  • With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying…

  • Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable…

  • Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense…

  • As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains…

  • A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead…

  • The following is a summary overview of some of the important changes to individual taxation in the new legislation. All changes are effective for tax years beginning in 2018 unless specifically noted, with a general phase out on January 1, 2026. Rates: There are now…

  • The following is a summary overview of some of the important changes to business taxation in the new legislation. All changes are effective for tax years beginning in 2018 unless specifically noted. Corporate Tax Rates: The corporate tax rate is a flat 21%. Previously, the…

  • Part of the tax law changes for 2018 and beyond is a limitation of the itemized deduction for state income and property taxes to $10,000 that can be claimed on a personal income tax return.  However, there is no cap on the amount of taxes…

  • Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts…

  • The Tax Cuts and Jobs Act (TCJA) eliminates the deduction for business-related entertainment expenses for amounts incurred or paid after Dec. 31, 2017.  The TCJA also modifies the rules for deducting meals in certain situations.  This chart shows the tax treatment of some of the…