Aug 22, 2018 | Firm Updates, Individual Tax
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as...
Aug 8, 2018 | Firm Updates, Individual Tax, Retirement Planning
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA—subject to income taxes on all earnings and deductible contributions—and then discover you would have been...
Aug 1, 2018 | Firm Updates, Individual Tax
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the...
Jul 10, 2018 | Firm Updates, Individual Tax, Tax Tips
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you—your time—would also be deductible. Unfortunately, that’s not the case. Donations of time or...
Jul 3, 2018 | Firm Updates, Individual Tax
“Going green” at home—whether it’s your principal residence or a second home—can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of...
Jul 2, 2018 | Firm Updates, Individual Tax
Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized deductions are expected...
