Tax Tips

Tax Tip Tuesday 2.27.18

  New Rules for Tax Deductibility of Home Equity Loan Interest For tax years 2018–2025, the Tax Cuts and Jobs Act (TCJA) eliminated the deduction for interest on home equity debt and limited the mortgage interest deduction to qualified residence debt of up to $750,000 ($375,000 for married taxpayers filing separately). In a recent News […]

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Tax Tip Tuesday 2.20.18

Do You Have to File a Gift-tax Return? Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. However, depending on your situation, you may have to file a gift-tax return, Form 709, for […]

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Tax Tip Tuesday 2.13.18

Seven Steps for Tax Season Assemble tax documents. Undoubtedly, you have been inundated with numerous tax forms for the 2017 tax year, including W-2 forms and 1099s. Employers are required to send W-2s to employees by February 1, 2018. Similarly, investors will receive 1099s with the details of their investment activities. Instead of just dumping […]

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Tax Tip Tuesday 2.6.18

Things to Know About Choosing a Business Structure & Taxes   Business Structure When starting a new business, the owner must decide what type of entity it will be. The type of entity will have an impact on liability, taxes, the amount of paperwork, and ability to raise money. The most common forms of businesses are: Sole Proprietorships Partnerships Corporation S Corporations […]

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