The Tax Cuts and Jobs Act (TCJA) of 2017 was not officially focused on retirement planning, but it’s had a major impact on the choice of retirement plans. After-tax plans, known as Roth accounts, may be more practical now. That can be especially true regarding solo 401(k)s, which are 401(k) Read more…
The 2019 tax season, during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased significantly, and fewer people are claiming itemized deductions, which have been restricted. These changes result Read more…
The Tax Cut and Jobs Act of 2017 (TCJA) created a new deduction for small business owners who operate pass-through entities. That includes domestic companies operated as sole proprietorships or through S corporations, partnerships, certain LLCs, trusts, and estates. Income from such entities may allow business owners to deduct 20% Read more…
As the filing season for 2018 tax returns reaches a peak, many people will learn that they’re no longer itemizing deductions. The Tax Cuts and Jobs Act of 2017 (TCJA) placed limits on some deductions and increased the standard deduction significantly, so most taxpayers are taking the standard deduction, rather Read more…
Many owners of private companies have been leery of operating as a regular C corporation because it exposes them to double-taxation of business income. First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to shareholders are subject to personal income taxes. Making matters even Read more…
Many owners of private companies have been leery of operating as a regular C corporation because it exposes them to double-taxation of business income. First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to shareholders are subject to personal income taxes. Making matters even Read more…
Patient investors have generally prospered over the long term. Nevertheless, there are many reasons for selling stocks. Knowing the basics can help improve your tax position. Selling shares held in a taxable account will trigger taxable capital gains or losses, unless the sale proceeds are exactly the same as your Read more…
The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation. However, the TCJA did not specifically turn thumbs up or down on the deductibility of business meal expenses. Under the old law, business meals were partially tax deductible, but some questioned Read more…
The start of each year might be considered “Double IRA” season. Until mid-April (the 15th, in 2019), you can still make contributions to an IRA for 2018, if you have funds you’d like to save for retirement. Most workers and their spouses may each contribute up to $5,500, or $6,500 Read more…