The Tax Cuts and Jobs Act (TCJA) was touted as tax reform that would shorten tax forms and increase tax savings for most Americans. Whether or not these promises will hold true is not yet known, but here is what we know so far: Shortened form: One of the promises was a shortened 1040 income taxcontinue reading…
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Two ways the TCJA impacts 529 plans
The 2017 Tax Cuts and Jobs Act (TCJA) resulted in massive tax reform. The changes impact many areas of tax law, including how we save for college. The new tax law has directly impacted 529 education savings plans. This piece will provide basic information on these changes and help taxpayers navigate this specific area andcontinue reading…
Make the most of summer activities that qualify for tax benefits
Recent tax reform led to major changes to the tax code. Summer months can provide an opportunity to review how these changes will impact your tax obligations. In addition, summertime also provides an opportunity to take advantage of some unique, season specific tax benefits. Some examples include: Day camp expenses. As noted in a recent piece by U.S. News,continue reading…
States sue the federal government over SALT cap
Four states to sue the federal government over the $10,000 cap on state and local tax deductions (SALT) that was part of the recently passed Tax Cuts and Jobs Act (TCJA). Who is suing the federal government? New York, Connecticut, Maryland and New Jersey named the Secretary of the United States Department of Treasury, Steven Mnuchincontinue reading…
Can tax debt curb your travel ambitions? The IRS says yes.
The Internal Revenue Service (IRS) recently published a reminder that tax debt can curb travel ambitions. A failure to pay off one’s bill with the IRS can result in problems with your passport. How is the IRS making sure tax debt is paid? The agency has taken an aggressive approach when it comes to tax debtcontinue reading…