August - 2018

Tax Blog

Tax Blog

Tax Professionals Beware

Tax Professionals Beware

Commonly around when tax season comes around, scammers take notice and begin trying to pass off as the IRS to fool individual taxpayers; however, right now the IRS and Security Summit are warning tax professionals to a new scam of spear phishing emails directed at the preparers themselves. Spear phishing emails aren’t your average every day, “hey, this is important” obvious scam style email, spear phishing is more directed and focused on the individual or company. The IRS is

Common Retirement Tax Mistakes

Common Retirement Tax Mistakes

Recently, we did a piece highlighting common tax mistakes that will cost the taxpayer. The first piece highlighted the mistakes of not exploring your options when looking for tax beneficial accounts such as Roth IRAs or 401(k) plans. The other part looked at the incentive for keeping investments longer term in order to collect on capital gains rates instead of ordinary income. Here are some more common mistakes to avoid. When setting up a retirement account, it’s important

Depreciation Changes

Depreciation Changes

It’s been almost a year since the TCJA has passed, but the IRS is still proposing, altering, and clarifying pieces of the act. Most recently, the IRS issued proposed regulations that would offer clarity to how to use the first-year depreciation deduction for qualified property. As many will note, the TCJA pushed the first-year depreciation deduction for qualified property from 50% to 100%, it also extended and modified bonus depreciation. The TCJA altered the bonus deprecia

Common Tax Mistakes

Common Tax Mistakes

As people save money it’s common to settle on accounts and savings that they’re familiar with instead of exploring all the options, when often times a little exploration will show better methods of saving money. Here we’ll explore and explain some mistakes people will make so you may better understand how to plan for the future. One problem that people face frequently is not using accounts that have tax advantages. For instance, many people will use traditional IRAs and 401

529 Plans

529 Plans

Every parent has the question in their lifetime, “how am I going to afford education for my child?” College expenses continue to raise with no end in sight and every parent wants what is best for their child. Some parents decide to plan ahead and begin saving, but what if there was a way for parents to save money for their children’s education with tax benefits? Luckily for them, there is, welcome to the 529 plan. A 529 plan is operated by a state or educational institutio

Tax Cut 2.0

Tax Cut 2.0

The House GOP and President Trump are taking aim and working together to create a tax cut 2.0 outline that they hope to roll out sometime in August. Each time it is brought up to reporters there is a little more clarity for what they are targeting. House Ways and Means Committee Chairman Kevin Brady is the leader on the project, currently emphasizing their development of the framework before individual ideas. Moving forward Brady has stated that he wishes to hold listening

School Credits

School Credits

Cost of higher education continues to rise while students are stuck fighting over scholarships and working minimum wage jobs. Seems like everything is stacked against you doesn’t it? Well luckily students may be in luck thanks to two tax credits available, the American Opportunity and Lifetime Learning credit. The American Opportunity (A.O.) credit for qualified education expenses allow for the taxpayer to claim up to $2,500 per individual attending college. Credit is inte

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