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Tax Law: alimony tax-deduction replacements

The Alimony Deduction is Gone. Now What?

Untangling finances in a divorce can be excruciating. And due to the TCJA, alimony deductions are no longer an option. How can you offset the axed deduction? Let’s take a look. Pre Tax Cuts and Jobs Act: Alimony was Deductible In the past, alimony payments were pre-tax deductions, and recipients paid income taxes on the Read More

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tax law: tips for lowering 2019 taxes

Tax Law: 2019 Tax Saving Tips For You

It’s time to make last-minute moves to save on your 2019 taxes. Retirement Account Contributions Do you have a Roth or Traditional IRA to save for your retirement? United States taxpayers can put up to $6,000 a year into one of these vehicles and deduct the amount from their taxable income. Even better, you have Read More

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Cryptocurrency law: IRS says crypto not eligible for like-kind exchanges

IRS Says Like-Kind Never Applied To Crypto

Big crypto tax news spilled out of a recent CPA conference: the IRS doesn’t think like-kind standards ever applied to cryptocurrencies. Let’s jump in. Background: Crypto Like-Kind Exchanges Like-kind exchanges allow taxpayers to defer capital gains taxes if said gains are reinvested into a similar property. For example: Let’s say an art collector named “Jane” Read More

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Tax Law: Actors Taxes

Tax Solutions for Actors: TCJA Problem

Imagine getting a tax refund for decades, only to discover that you now owe $7,000. That happened to Emily Kuroda, or as TV fans know her: Mrs. Kim from the “Gilmore Girls.” Recently, the actor opened up about how the new tax code decimated her finances. And she’s not the only one. Legions of American Read More

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pic to accompany blog post about freelancer tax saving tips

Six Money-Saving Tax Tips for Freelancers

Self-employed people and freelancers are leaving money on the table by not maximizing allowable tax deductions. Let’s fix that. Self-Employed Tax Saving Tip #1: Work Retirement Options Self-employed people must pony up Medicare, Social Security and income taxes. However, they have more retirement savings options at their disposal, including: Simplified Employee Pensions; Employee Incentive Match Read More

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Amazon Wins $1.5 Billion Tax Battle with IRS

Amazon crushed the IRS in court. The online retailer and the tax agency clashed over transactions with Amazon’s Luxembourg subsidiary — a $1.5 billion disagreement. But would Amazon have won the same case under the new tax rules? The IRS v. A 10-Year Tax Dispute Back in 2005 and 2006, Amazon picked Luxembourg — Read More

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Here’s How To Eradicate Capital Gains Tax Burden

Have you heard about the new way to eliminate capital gains taxes while helping under-served communities revitalize? It’s called the Qualified Opportunity Zone (OZ) program. What is the Opportunity Zone Program? Policy makers conceived of the OZ program as a win-win proposition that would give individuals and businesses a way to reduce tax burdens while Read More

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Tax Law: Small Business Taxes

Will Small Biz Benefit From The New Tax Code?

Under the new Tax Cuts and Jobs Act, the majority of small businesses will likely enjoy a tax decrease. The trick is properly taking advantage of the appropriate deductions, credits, gifting, and donation opportunities. How Will Small Businesses Save Money Under The New Tax Code? The 20 percent pass-through deduction and the expansion of Section Read More

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tax law: new deduction for startups

Congress Wants To Give Startups A Boost

Representatives in the House passed another tax act. Dubbed the Protecting Family and Small Business Tax Cuts Act, the legislation is meant to serve the middle class and, according to Rep. Kevin Brady, “allow more businesses to move from their kitchen table to their first office.” Below, we’ll review the bill’s basics and explore how Read More

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