General News

Were Your 2018 Income Tax Withholdings Correct?

2018 Income Tax Withholdings: Too Much, Too Little or Just Right? Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn’t pay enough estimated taxes if you’re self-employed — you could have an unpleasant surprise when you file your 2018 return. Tax Law Changes The Tax…

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Too Much Tax Deferral?

Can You Have Too Much Tax Deferral? Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year’s taxable income will postpone your tax bill and give you extra cash to work with until the…

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New Dependent Credit and HOH Filing

Are You Eligible for the New Dependent Credit and HOH Filing Status? The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on…

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Opportunity Zone Tax Incentive Regulations

IRS proposes regulations for Opportunity Zone tax incentives The Tax Cuts and Jobs Act (TCJA) includes a provision that Secretary of the Treasury Steven Mnuchin said should lead to $100 billion in capital investments in distressed areas. The provision allows taxpayers to defer tax on capital gains by investing in such Opportunity Zones. And now…

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Cost Segregation Adds Up

Tax Savings from Cost Segregation Studies Add Up for Businesses Has your company invested in buildings this year to rent out or use for business purposes? Real estate investors have used cost segregation studies for many years to lower their tax bills. In a nutshell, these studies divide property into smaller parts, allowing for faster…

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