Size of charitable deductions depends on many factors

April 16, 2018

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors…

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

April 9, 2018

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and…

Reporting Foreign Assets

April 2, 2018

When in Doubt, File the FBAR. The Penalties are too High to Take a Risk. A United States person that has a financial interest in or signature authority over foreign financial accounts must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)…

Ordinary Loss Treatment on Abandonments, Forfeitures, or Worthlessness of Partnership Interests

March 26, 2018

Squeeze that Worthless Partnership Interest for Some Lemonade Ordinary losses almost always provide a better tax benefit than capital losses. A partnership interest is considered a capital asset. A sale of a partnership interest at a loss will generate a capital loss. However, an abandonment,…

Home equity borrowers get good news from the IRS

March 15, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest…

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