Category Archives: Tax Tips

Hot Tips For The New Tax Year Part 10

Hot Tips For The New Tax Year Part 10

Capital Gain and Qualified Dividend Maximum Tax Rates. For 2018, the breakpoints no longer follow the tax brackets for regular income tax purposes. The breakpoints are as follows: Single Taxable Income $ 0 to 38,600 maximum rate = 0% 38,601 to 425,800 maximum rate = 15% 425,801 and over maximum rate = 20% MFJ or…MORE

Hot Tips For The New Tax Year Part 9

Hot Tips For The New Tax Year Part 9

Entertainment Expense Deduction. For 2018, the new law provides that no deduction is allowed with respect to: 1) An activity generally considered to be entertainment, amusement or recreation, 2) Membership dues with respect to any club organized for business, pleasure, recreation or other social purposes, or 3) A facility or portion thereof used in connection…MORE

Hot Tips For The New Tax Year Part 8

Hot Tips For The New Tax Year Part 8

Depreciation Section 179 Expense Deduction. For 2018, the new law increases the maximum amount a taxpayer may expense under Section 179 to $1,000,000 and increases the phase-out threshold amount to $2,500,000. The provision provides that the maximum amount a taxpayer may expense, for tax years beginning after 2017, is $1,000,000 of the cost of qualifying…MORE

Hot Tips For The New Tax Year Part 7

Hot Tips For The New Tax Year Part 7

Deduction for Qualified Business Income (Pass-Through Entity Deduction). For 2018, an individual taxpayer generally may deduct 20% of qualified business income from a partnership, S corporation, or sole proprietorship, as well as 20% of aggregate qualified REIT dividends, and qualified publicly traded partnership income. In the case of a partnership or S corporation, the deduction…MORE

Hot Tips For The New Tax Year Part 6

Hot Tips For The New Tax Year Part 6

Section 529 Qualified Tuition Programs. Effective 2018. 529 plans can allow distributions of up to $10,000 per-student to pay tuition expenses for a public, private, or religious elementary or secondary school. The rules for postsecondary educational institutions are unchanged. Estate and Gift Tax Exemption Amount. For 2018, the estate and gift tax exemption amount is…MORE

Hot Tips For The New Tax Year Part 5

Hot Tips For The New Tax Year Part 5

Reporting Health Care Coverage. Under the Tax Cuts and Jobs Act, you must continue to report coverage, qualify for an exemption, or report an individual shared responsibility payment for tax year 2018. This means that for tax year 2018, the IRS will not consider a return complete and accurate if you do not report full-year…MORE

Hot Tips For The New Tax Year Part 4

Hot Tips For The New Tax Year Part 4

Changes to Benefits for Dependents. Deduction for personal exemptions are suspended. For 2018, you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents.MORE

Blogs

WJBC Voices: Jay Bee, CEO

Much of the legal analysis in law school is taught via the hypothetical question, wherein the professor poses a set of facts embodying the issue studied, and asks students to predict the outcome, based on those facts. 

WJBC Voices: Understanding TIF investments

As we near another local election, understanding what a Tax Increment Financing (TIF) district is and its role in economic development seems unclear to many I talk to.