Tax Warrior Chronicles

Deductions for Qualified Transportation Benefits - Another Casualty of TCJA

Posted on Fri, Sep 06, 2019

SEPTABy: 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

GUEST BLOG: Opportunity Zones – A Not-So-Common Point of View

Posted on Wed, Aug 28, 2019

TERRYCUFF (2)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

Tax Warrior Vlog - Are You a Tax-Savvy Entrepreneur?

Posted on Mon, Aug 26, 2019

KEISHA PRICE - OFFICIAL 2018Anyone 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

Back to School – Qualified Tuition and Related Expenses

Posted on Wed, Aug 21, 2019

Steven-R-RossmanBy: Steven Rossman, CPA, MT

 

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

Talking Taxes with Kids – 529 Plans, IRAs and 401(k)s

Posted on Thu, Aug 15, 2019

DSMarketing024-1By: Stacie L. Court, CPA, MST

 

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

NJ’s ‘Airbnb Tax’ Updated to Help Owners

Posted on Tue, Aug 13, 2019

CM_NJBy: 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

Your Kids in the Family Business Post-Trump Tax Reform

Posted on Mon, Aug 12, 2019

M.Boyce_2-01By: Melissa Boyce, CPA

 

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

Divorce on Schedule 1 – Alimony

Posted on Thu, Aug 08, 2019

divorce-resized-600By: Sherri Sorbello, CPA

 

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

Help Us Help You – Getting Us Your Tax Documents

Posted on Mon, Aug 05, 2019

Jane-ScaccettiBy: 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

Tax Considerations for Pass-Through Entities: §§ 199A and 163(j)

Posted on Tue, Jul 30, 2019

Ferman1By: Jeremy Ferman, CPA, MA

 

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