Planning for 2018 - Itemizing vs. Taking the Standard Deduction

What does the 2017 vs 2018 standard deduction look like?

Filing Status

2017 Tax Year

2018 Tax Year (new tax law)

Single

$6,350

$12,000

Married Filing Joint

$10,700

$24,000

The increase in the standard deduction, and limitations on itemized deductions under the Tax Cuts & Jobs Act (“TCJA”) has many people wondering if 2017 was the final year they will itemize their deductions.   Examples of itemized deductions, taken in prior years, to name a few, include:

Continue reading
379 Hits
0 Comments

The Internet of Things is Becoming a Concrete Way for the Construction Industry to Operate

The construction industry has been, and continues to be, a key indicator of economic development.  From the Neolithic Age where buildings were made from materials such as bamboo and clay, to the Industrial Revolution with the rise of the steam engine and circular saw, to today, where energy conservation and sustainable development are on the top of everyone’s minds, the construction industry is constantly growing and modernizing to be one of the most flourishing industries across the globe.

Continue reading
469 Hits
0 Comments

Will Urban Revitalization Come to a Halt Under the Tax Cuts & Jobs Act?

Do you live in Elmira, NY? What about Rochester? Or Buffalo?  The Tax Cuts & Jobs Act's (TCJA) change to IRC Sec. 118 is likely to have a significant impact on the prevalence of urban revitalization efforts in your communities.

Continue reading
298 Hits
0 Comments

Your March Madness Bracket Might Cost You More than the Buy In at Tax Time

March Madness 2018.  The Big Dance is finally here, bringing days of non-stop basketball excitement and often, an office pool or two.  There are a few things we can count on this time of year; first the quick switch of the screen from March Madness games to the Wall Street Journal as the boss walks by, and second, that the co-worker who organized the tournament office pool isn’t going to send you a W-2G detailing your winnings. 

Continue reading
350 Hits
0 Comments

Interest on Home Equity Loans Often Still Deductible Under the Tax Cuts and Jobs Act

The new tax bill, the Tax Cuts and Jobs Act (“TCJA”) shepherded in by President Trump and members of the Republican Party will bring many changes to the mortgage industry.

The main changes reside with the mortgage interest deduction, home equity loans, home equity lines of credit, and second mortgages.

Continue reading
389 Hits
0 Comments