Individual Tax

As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA).   General Rule   The general tax rule in a divorce is that you can divide up most assets,...

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.   Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes:   If you receive bitcoin in exchange...

Here’s a heads-up.   The 30 percent residential solar credit   drops to 26 percent for tax year 2020, drops to 22 percent for tax year 2021, and terminates in 2022.   Also, unlike the 30 percent commercial solar credit, where you can qualify for the 30 percent tax credit...

Roth IRA versus traditional IRA: which is better for you?   Roth IRAs tend to get a lot of hype, and for good reason: Because you pay the taxes upfront, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free.   While...

Section 1202 allows you to sell a qualified small business corporation (QSBC) on a tax-free basis.   Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity.   Imagine this: You...

Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them.   Let’s say you want to take a certain tax-deduction position on your tax return, but you...

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action.   I’ve included below six action steps for 2018 that can help you reduce your taxes...

  You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions.   But that’s not true.   We have a variety of planning opportunities here.   For example, you don’t pay taxes...