By: Robert N. Polans, CPA, MT, PFS, and Stefanie Ostrich, CPA
The Tax Cuts and Jobs Act of 2017 (TCJA) contained hundreds of changes to our tax law including Qualified Business Income Deductions, limits on business interest expense, limits on excess business losses, and major changes to the U.S. taxation of profits earned overseas. While much of the noise about the new tax law revolved around these items and ... Read More
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Drucker & Scaccetti has written plenty on Qualified Opportunity Zones (QOZ) from all angles of the deal. However, today’s guest author, Terence Cuff, is an accomplished and well-respected tax attorney with quite a different take on the future of QOZs. Be prepared; his views are not mainstream!
This blog post may stomp on your marijuana-laced magic muffins.
This blog post is based on speculation and intuition, not on careful research. I have never tried to evaluate the economics of a ... Read More
Anyone can be an entrepreneur, but being a tax-savvy entrepreneur can put you on the road to success! Today, Keisha Price talks about a few things you can focus on to ensure your business taxes are under control.
{% video_player "embed_player" overrideable=False, type='scriptV4', hide_playlist=True, viral_sharing=False, embed_button=False, width='1920', ... Read More
You’re buying tablets, notebooks, and writing big checks for tuition. That can mean only one thing…it’s back-to-school time! Keeping track of these expenses is important to take advantage of certain tax credits and substantiating payments made from education savings plans. Today, we’ll talk about the IRS form that reports these expenses and some of the tax credits available for students and ... Read More
There are many benefits to contributing early to education plans, IRAs, and 401k’s – the largest benefit being the advantage of time to compound funds in tax-advantaged accounts. Children have many years to grow the earnings in these funds, but how do you talk to your kids about the complex world of investing in these types of funds and encourage them to start early?
... Read More
By: Ashley Menders
Some property renters no longer need to fret about New Jersey’s ‘Airbnb Tax’ while soaking up the sun at the Jersey Shore anymore! Since New Jersey implemented its new tax that impacted all short-term rentals last October, Governor Phil Murphy has signed a bipartisan bill to undo part of this major ‘Airbnb Tax.’ Here’s who is no longer affected…
As mentioned in Read More
The Tax Cuts and Jobs Act of 2017 (TCJA) changed many areas of the tax code, including when family business hires their child(ren). While there was a similar pre-TCJA benefit to hiring one’s child(ren), the new law increased several tax savings and warrants another look at hiring children into the family business.
Income Shifting
The largest benefit of hiring a child into a ... Read More
The tax treatment of alimony was one of the many items modified by the Tax Cuts and Jobs Act of 2017 (“TCJA”). Alimony received is no longer taxable income to the recipient spouse and alimony paid is no longer deductible by the payer spouse for divorce or separation agreements executed after 2018, unless...
This change does not apply to divorce or separation agreements executed ... Read More
By: Jane Scaccetti, CPA, MT, PFS
Outside, it’s 90 degrees, the sands of the Jersey Shore are beckoning and summer vacations are in full swing. The furthest thing on anyone’s mind in these last lazy days of summer is taxes. However, for those with extended tax return filings through September 15th (businesses) and October 15th (individuals), now is the time to deliver your information to your tax advisors. The earlier the ... Read More
The Tax Cuts and Jobs Act (“TCJA”) added several complicated tax laws to the books, adding a level of complexity for even the smallest pass-through entity returns. As we enter the home-stretch of the extended filing season, we will examine arguably the two most difficult areas for pass-throughs to navigate: §§ 199A and 163(j).
Section 199A: The 20% Pass-Through Deduction
Written to help ... Read More
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