529 Plan Changes

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in.  These changes take effect for 529 plan distributions after 2017. As you know, a 529 plan distribution is tax-free if it is used to pay “qualified higher…

New Federal Withholding Tables

New Federal Withholding Tables Could Cause You to Owe Money Come April 15, 2019 One of the basic themes associated with the new tax law was to put more money in the pocket of the taxpayer. In order to meet that goal as quickly as possible, the Internal Revenue Service is revising the income tax…

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…