Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Commercial buildings and improvements usually are depreciated over 39 years, meaning you can deduct a share of the cost every year over the depreciation period. (Land is not depreciable.) However, special tax breaks that allow deductions to be taken more quickly are available for specific real estate investments. Some of these were enhanced by the … [Read more…]

What will your marginal income tax rate be?

While the Tax Cuts and Jobs Act (TCJA) usually reduced individual tax rates for 2018 through 2025, some taxpayers might see their taxes go up due to reductions or eliminations of certain tax breaks—and, in some cases, due to their filing status. However, some might see additional tax savings due to their filing status. Unmarried … [Read more…]

You may be able to save more for retirement in 2019

Retirement plan contribution thresholds are indexed for inflation, and many have gone up for 2019 which give you opportunities to grow your retirement savings: • Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) • Contributions to defined contribution plans: $56,000 (up from $55,000) • Contributions to SIMPLEs: $13,000 (up from … [Read more…]

Act soon to save 2018 taxes on your investments

Did you make investments outside of tax-advantaged retirement plans? If so, you may still have time to shrink your 2018 tax bill by selling some investments—you just need to select which investments you sell carefully. Try balancing gains and losses If you have sold investments at a gain this year, consider selling some losing investments … [Read more…]