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Tax Blog

Tax Blog

Tax Update on State and Local Tax (“SALT”)

Tax Update on State and Local Tax (“SALT”)

The IRS has passed final regulations aimed at preventing tax payers from “getting around” SALT deduction limits. A tax deduction will lower the amount of a person’s income that is subject to taxes in the first place. This is different from a tax credit, which reduces the overall tax bill owed to the Internal Revenue Service (“IRS”) for the tax year. Prior to the Tax Cuts and Jobs Act (“TCJA”), the only limit on what a single taxpayer could deduct was for individuals with an

Grocery Store Cashiers Today, Tax Lawyers Tomorrow: Trends in technology to Watch in Tax Law

Grocery Store Cashiers Today, Tax Lawyers Tomorrow: Trends in technology to Watch in Tax Law

While scientific progress is considered a universal good by most people, advances in automation have made some employees concerned over their labor security in certain sectors of the American economy. While we hear about this mostly in regard to industries like transportation and basic services, advances in automation are poised to have profound effects on all areas of the economy, and law is no exception. Here are just two ways that technology could change the landscape of t

Investing in Education: Benefits of a Section 529 Plan.

Investing in Education: Benefits of a Section 529 Plan.

The costs of education are rapidly increasing, even for elementary and secondary schools. While the 529 plan is available for anyone, even yourself, it is most commonly set up for younger individuals. Investing and saving for your children’s or grandchildren’s education is becoming more and more of a necessity. Section 529 of the Internal Revenue Code (“IRC”) provides several benefits for creating and investing in a 529 plan. A 529 plan is operated by a state or educationa

SALT Deduction Caps have been Finalized, with some Exceptions

SALT Deduction Caps have been Finalized, with some Exceptions

The IRS has issued final rules in regards to charitable contribution deductions under Sec. 170(c). The Tax Cuts and Jobs Act, while virtually reducing taxes owed across the board for all Americans, did establish a $10,000 cap on SALT (State and Local Tax) deductions, the impact of which is primarily felt by those living in states with higher tax rates or who own more expensive property than the average American. Some states responded with this by enacting their own programs t

Freelancing: Taxes Made Easy

Freelancing: Taxes Made Easy

Freelancing certainly has its perks. Being able to the work you want, when you want is no doubt an appealing prospect for many of us clocking in and clocking out week after week. However, while you may be able to wake up at noon more often than your 9-5 friends, you most likely won’t be doing so come April. Freelance work comes with the additional burden of having to file all your one-man business income, expenses, and everything in between, all on your own. Thankfully, with

Setting Every Community Up for Retirement Enhancement Act of 2019: Title I -- Expanding and Preservi

Setting Every Community Up for Retirement Enhancement Act of 2019: Title I -- Expanding and Preservi

The Senate Finance Committee has introduced a new version of this act, being the most comprehensive retirement reform proposal in nearly a decade. The Act contains many measures popular among retirement industry professionals, analysts, and other stakeholders. For example, RESA allows for an increase in access to lifetime income products in defined contribution plans and allows small employers/business owners to come together to facilitate larger, more cost-efficient, colle

2019 Inflation-Adjusted Vehicle Depreciation Limits and Income Inclusions

2019 Inflation-Adjusted Vehicle Depreciation Limits and Income Inclusions

In May, 2019, the IRS issued inflation-adjusted vehicle depreciation limits for passenger automobiles placed into service after December 31, 2018, as well as the amounts of income inclusion for lease holders, or lessees, of passenger automobiles first leased after December 31, 2018 (Rev. Proc. 2019-26). The IRS has included trucks and vans under the term “passenger automobiles” for purposes of this revenue procedure. The inflation adjustment, as required by 280F(d)(7), applie

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