Caution: Individuals are urged to check with their tax return preparer to make certain that they will be able to take advantage of any accelerated deductions on their 2017 income tax return. For example, any benefit may be reduced or eliminated for taxpayers who are subject to the Alternative ...
Tax planning for sole proprietorships and partnerships is in many ways similar to tax planning for individuals. This is because the owners of businesses organized as sole proprietors and partnerships pay personal income tax rather than business income tax. These small business owners file an ...
Year-end tax planning for 2019 takes place against the backdrop of legislative changes that occurred in late 2017 that fundamentally altered the tax rules for individuals and businesses. The Tax Cuts and Jobs Act (TCJA) was the largest tax law change in 30 years, and 2018 was the first yea...
31, 2016 for individuals age 65 and older and their spouses. For 2017 and 2018, all taxpayers are subject to a decreased threshold of 7.5 percent. Beginning Jan. 1, 2019, the threshold increases to 10 percent of AGI. While not labeled as tax increases by the IRS, the fol...
with the elimination of the AMT and consolidation down to a single 21% tax rate, all of which are permanent. However, when it comes to individuals, the new legislation is more of a series of cuts and tweaks, which arguably introducemoretax planning complexity for many, and will be...
From a wealth transfer planning perspective, the 2017 Tax Act provides significant relief to many taxpayers. Prior to the 2017 Tax Act, individuals were entitled to a $5 million estate and gift tax exclusion amount. This amount is indexed for inflation, and, in 2017, it was $5.49 million....
Tax Planning for Law Firms Under the 2017 Tax ActMorgan Klinzing
Income Tax The Tax Group has substantial expertise in income tax planning for individuals, corporations, partnerships, limited liability companies, and other business entities. We advise business clients in connection with the tax aspects of acquisitions, reorganizations, liquidations, redemptions, and ...
For most individuals, tax returns are due on April 15, 2024. But file early and you can get your refund sooner, avoid the rush, and protect your identity.
capping at 20% for high-income individuals. To reduce tax liability, investors may benefit from holding investments for over a year to qualify for the longer-term rates. Planning the timing of sales can also help, as shifting high-value asset sales into a lower-income year or offsetting them...