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…

Non-Cash Charitable Donations – Don’t Wait Until the Last Day of 2017

Significant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Non-cash contributions present a unique set of tax saving opportunities for old items sitting in your…

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…

Leasing Property to Your Business Might Trigger Undesirable Tax Consequences

If you own property and a business, there’s an obvious temptation to lease that property to the business. Such an arrangement can make sense from many perspectives. You’re no doubt familiar with the property and its advantages to your company; the deal could be carried out quickly; and the money changing hands would stay between…