Tax Planning

The amount of taxes you owe is based on your particular business and personal financial situation, including how much you earn, how you earn it, and how your expenses are structured.

The IRS issued Notice 2014-21 on March 25, 2014, which, for the first time, set forth the IRS position on the taxation of virtual currencies such as bitcoin.

You can’t really plan for the future if you don’t know where you are today. So the first tax planning tip is get a grip on what federal tax bracket you’re in.

Keys Income tax:  Under Biden’s recent proposal, the top marginal income tax rate would go up to 39.6%, from 37%.  That is where it was during President Barack Obama’s administration. Capital gains tax:  The proposed capital gains tax increase more or less doubles the rate that high-earners would pay when they sell investments.  The current…

The Qualified Opportunity (QO) Zone program, created by the 2017 Tax Cuts and Jobs Act, incentivizes long-term investment in low income and economically distressed communities by deferring capital gains tax when taxpayers invest those gains into QO Funds.

Here’s what you need to know about tax reform right now: Your take-home probably changed, even slightly. You might need to see if you’re withholding the right amount for taxes. Your ability to itemize deductions and write off job-related expenses might change. Big changes to the tax laws for large and businesses. You may be…

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, may have unforeseen indirect consequences for taxpayers with dwellings used for both short-term rental and personal purposes, often referred to as mixed-use vacation homes. The TCJA’s increase in the standard deduction and limitations on itemized deductions for state and local taxes (SALT) and home mortgage interest may affect the vacation home rental expense allocation under Sec. 280A(c)(5)(B) between personal and rental use, particularly for a dwelling that is unused for significant periods.