Unreimbursed Expenses Under the New Tax Act

With passage of the Tax & Jobs Act of 2017, we see that most miscellaneous itemized deductions will not be allowed beginning January 1, 2018.  This includes deductions for tax preparation fees, investment expenses, and unreimbursed employee business expenses.  Today we will focus on the unreimbursed business expenses. Through the end of 2017, taxpayers have…

State and Local Tax Deduction – Use It Before You Lose It!

One of the biggest changes in the current tax reform is the partial retraction of the deduction for state and local taxes. The state and local tax deduction (SALT for short) had previously given taxpayers who itemize deductions a deduction for the total state and local income taxes paid during that tax year, as well as…

Individual Income Tax Year-End Update

The end of the year is fast approaching and as such there are things one should consider regarding their tax situation. In a normal year the list of recommendations would be a list of actions to take before year end however this is not a normal year. We urge you to consider our recommendations and…

Proposed Tax Reform and What It Means For You

The proposal tax reform bill, a 429-page document, covers a lot of ground. However, we’ve highlighted a few items that will impact both individuals and business owners as soon as 2018. According to CNN Money, they are as follows in the summary below. Individuals and Families Tax Brackets: Currently there are seven tax brackets that…