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Category Archives: Uncategorized

Quarterly estimated tax payment is coming up

For those who make quarterly estimated tax payments, September 17 is your deadline to make your tax payment for the quarter comprised of June, July and August. Your final quarterly estimated tax payment for September, October, November and December is … Continue reading

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Proposed IRS rules affecting SALT limitations

To counteract the $10,000 State And Local Tax (SALT) limitation, some states are drafting plans for a work-around to allow their citizens to continue to enjoy the overall tax deductions they are accustomed to. They are doing it by allowing … Continue reading

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Contract soldiers now qualify for the foreign earned income exclusion

If you are a U.S. citizen, and your tax home is in a foreign country during 2018, and you meet all the other rules, you can exclude up to $104,100 of your foreign earned income from being taxed in the … Continue reading

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Check your 2018 withholding

With so many changes to the tax laws, we have had a lot of recent requests for tax planning. Every projection I have made this year has resulted in a lower total tax amount for 2018 compared to 2017. Despite … Continue reading

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Update on the 20% pass-through/qualified business income deduction

The IRS recently released proposed regulations aimed at setting out the rules and regulations for the new Section 199A 20% business deduction; https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-passthrough-businesses , all 184 pages of them. The new laws and regulations pertain to domestic businesses operated as … Continue reading

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2018 Long-term capital gains rates

The TCJA keeps the 0%, 15%, and 20% LTCG rates for capital gains and qualified dividends but these rates now have their own brackets that you need to be aware of. The LTCG rates used to be tied to the … Continue reading

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Your business needs its own bank account

If you have a business then that business needs its own bank account. Often times, when I meet a new business owner, I have to explain the importance of having a separate bank account. Not only does it make your … Continue reading

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Veteran’s disability severance refunds

If you are a veteran who received disability severance payments after January 17, 1991, the DOD withheld taxes on those payments, and you reported the payments on your tax return, you are due a refund. You are supposed to receive … Continue reading

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Summertime child care credits

If your kids are under the age of 13 and they go to day camp during the summer, you can get a credit on your tax return for your costs. The Child and Dependent Care Credit is for the care … Continue reading

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Three Tax Takeaways for Friday, July 06, 2018

First: consider that taxes are levied in three general categories; taxes on wages, taxes on spending, and taxes on income. All of your taxes touch one or two of these categories. Second: the TCJA eliminates the alimony deduction for divorces … Continue reading

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