TCJA Mortgage Interest Limitations

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted.  Acquisition Debt vs. Equity Debt The first step to untangling these new limitations is to distinguish...

Taxes and Retirement Income

While many taxpayers plan for retirement by investing in retirement savings accounts, it is important for taxpayers to also plan on how to handle income during retirement as well. The timing of different retirement distributions could drastically affect the amount of...

Setting Up a Business

Deciding to start your own business is a big step, one that requires special planning and thought. But where do you start? There are many logistical steps to setting up a legal, operating business and it can be a daunting mountain to climb when first starting....

Identity Theft and the IRS

Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft...

Kiddie Tax Changes

The Tax Cuts and Jobs Act (TCJA) overhauls the Kiddie Tax rules to tax a portion of a qualified child or young adult’s unearned income at the same tax rates paid by trusts and estates, which can be as high as 37%. Prior to the TCJA, the Kiddie Tax rate was equal...

Disasters and Taxes

While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have been devastated by the California wildfires and East Coast...