Tax Change Insights

New Kiddie Tax Provisions

In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December 19, 2019, Congress passed a bill that the president signed ... (continued)

January Newsletter-More on New Tax Law

Tax Reform Provides New 20% Deduction The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from ... (continued)

Tax Cuts & Jobs Act–Highlights of New Tax Bill

POLICY HIGHLIGHTS The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international ... (continued)

Here Are the Major Tax Law Changes for 2014

Lawmakers decided to allow dozens of tax breaks to expire after 2013, and most of them will not be retroactively revived until late 2014. They include the R & D tax credit, the deduction for state sales tax in lieu of income tax, ... (continued)

Lifetime Learning Credit in 2014

Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of 20% of tuition expenses, with a maximum of $2000 in tax credits on the first $10,000 of college tuition expenses. It applies to ... (continued)

What Are The 2013 Tax Law Changes?

Tax Rate Changes Your deductions are worth more in 2013 because of the Fiscal Cliff legislation.  Here are the increases in tax rates for 2013: 1.  Top tax rate increases from 35 to 39.6 percent on taxable income over $400,000 ($450,000 for joint returns). 2.  Increase ... (continued)

Get Your Small Business Bailout Now

There are a number of good tax laws that benefit most small businesses that came into effect in September 2010 for both 2010 and 2011. Here is a summary of the benefits to your Small Business: 1. 100% bonus depreciation: This is so good that ... (continued)

2011 Tax Law Changes

TAX CHANGES THAT MAY AFFECT YOU IN 2011 There are a host of tax changes that started in 2011 as well as unanticipated extensions of some tax breaks. The first change was a non-change. All of the tax brackets were scheduled to increase. However, ... (continued)