The deadline for federal income tax filing is a little later than usual this year — April 17 — but it’s now almost here. If you have yet to file your individual return, you might want to think about filing an extension. Alternatively, you might be worried about meeting the deadline in the eyes of … [Read more…]
While the main tax deadline, April 15 (April 17 this year), is what most individual taxpayers are thinking about, you also need to be aware of others through the rest of the year. So you don’t miss any important 2018 deadlines, here’s a look at when some essential tax-related payments, forms, and other actions are … [Read more…]
You have finally finished filing your 2017 income tax return (or sent a request for an extension). Now that tax season is over your office is cluttered with piles of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or tax files cover your computer desktop), and it’s time … [Read more…]
Now that you’re finished filing your 2017 tax return (or with your 2017 tax return filed away for an extension), taxes might be the last thing on your mind right now. However, to get the most out of tax savings now is the best time to begin planning for 2018. It has become especially important … [Read more…]
You’re probably enjoying the influx of cash if you received a large refund after filing your 2017 income tax return, but a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why, during the previous tax year, a large refund would usually state that you should … [Read more…]
Summer is the peak season for selling a home in many parts of the country. If you are planning on putting your home on the market soon, you are probably thinking about things like how fast it will sell and how much you’ll get for it. However, don’t forget to consider the tax consequences. Home … [Read more…]
It’s not uncommon from time to time for businesses to generate tax losses. However, the losses that can be deducted are limited by tax law in some situations. Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) further limits the amount of losses that partners, limited liability company (LLC) members, S corporation shareholders, and … [Read more…]
Today many employees, as part of their compensation and benefits package, receive stock-based payment from their employer. The tax consequences of such payment can be complicated — subject to employment, capital gains, ordinary income, and other taxes. Though, if you receive restricted stock awards, Section 83(b) election might give you a tax-saving opportunity. Convert ordinary … [Read more…]
When retirement comes, many Americans relocate to another state. State and local taxes should factor into your decision if you’re contemplating such a move. Income, property and sales tax It might appear to be the best option to choose a state that has no personal income tax. However, once you think about property taxes and … [Read more…]
The enormous changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have gathered the most attention. However, the new law also made necessary changes to gift and estate taxes. While the TCJA didn’t revoke these taxes, for the next several years it did significantly lessen the number of taxpayers who’ll be subject … [Read more…]