Will I Benefit from the Tax Cuts & Jobs Act?

Will I benefit from the Tax Cuts and Jobs Act?  Good question!  The sweeping tax reform that was passed into legislation last year became effective January 1, 2018.  Among the changes made by the law, that impacts virtually every taxpayer, were the repeal of the personal exemption, increase in the standard deduction, modification to itemized deductions and doubling of the child tax credit.

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Reach Into This Grab Bag of Deductions - How to Write Off Miscellaneous Expenses

As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of expenses known as miscellaneous expenses? If you qualify, you might be able to deduct a portion of those expenses on your 2016 tax return.

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Getting Personal About Personal Exemptions

Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At the very least, however, the exemptions are still available on 2016 returns.

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IRS Allows Self Certified Rollover Waivers - New Waiver Procedure Approved

The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief.

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Have You Designated Your Beneficiaries? - A Key Component of Estate Planning

Most of us lead hectic lives, but as part of an estate plan, it is important to take time to designate or update beneficiaries for all your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.

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