The ball has dropped in Times Square and we’ve bid farewell to 2018. But there are still a few things we can do to adjust our tax liability for 2018 before filing tax returns on April 15. First, you’ll need to organize all your tax records. That way, you’ll have some idea of what your tax liability might be. After you’ve organized your tax records, if you find you will owe money, there are a couple things you can do. You can contribute to your IRA for 2018. That’s right, even though it’s … [Read more...] about Tax Tips after New Year
New Year’s
Turning the Page on 2018 and Looking Forward to 2019
There are a few changes for 2019. Going into 2018, there were many changes because of a new tax law, commonly known as the Tax Cuts and Jobs Act, which impacted both the estate tax and the income tax. But, there are few changes heading into 2019. It appears things are relatively stable, taxwise, at least for now. Of course, the estate and personal income tax portions of the Tax Cuts and Jobs Act still are set to sunset, but not until the end of 2025. For 2019, the exclusion increased nearly … [Read more...] about Turning the Page on 2018 and Looking Forward to 2019
New Year’s Greetings
There are many changes for 2018. Congress passed a last-minute tax law, which the President signed the last business day before the Holidays. Congress Passes New Tax Law Last week the Senate passed the new tax law, (which had been called the “Tax Cuts and Jobs Act” and due to Senate parliamentarian objections is now 'An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”) and then the House of Representatives passed … [Read more...] about New Year’s Greetings
New Year’s Greetings
There are very few changes for 2016. After years of uncertainty and a rollercoaster ride, we’ve reached stability. The exclusion changed a whopping 0.4%, from $5.43 million in 2015 to $5.45 million in 2016. That’s a change of only $20,000. Of course, the new exclusion is for estate and gift, as well as GST purposes. The present interest annual exclusion remains unchanged at $14,000. On the income tax front, the brackets and exemptions changed little, if any. As I mentioned last week, the … [Read more...] about New Year’s Greetings
