Calculating Personal Casualty Losses

Calculating Personal Casualty Losses Damages to personal-use property can quickly add up, but the full amount of the loss isn’t deductible for federal income tax purposes. To calculate the casualty loss deduction for personal-use property in an area declared a federal disaster, you must take the following three steps: Subtract any insurance proceeds. Subtract $100…

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IRS Guidance on QBI Deduction Rules

IRS Issues Proposed Guidance on Complicated QBI Deduction Rules The IRS has finally issued eagerly awaited regulations addressing the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act, which was signed into law last December. The…

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ACA Battle Could Affect Health Coverage

New ACA Legal Battle Could Affect Individual and Employer Health Coverage The Affordable Care Act (ACA) has been controversial since it was enacted in 2010. The latest legal attack calls into question whether insurance carriers will still be required to issue coverage to individuals without regard to pre-existing medical conditions, and the degree of pricing…

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Tax Reform: Capital Gains Rates

Capital Gains Rates Before and After the New Tax Law Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you’re not alone. Here’s what you should know if you plan to sell long-term investments or expect to receive dividend payments…

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Tax Reform and Roth IRAs

Are Roth IRAs Still Beneficial Under the New Tax Law? The Roth IRA remains an attractive retirement planning vehicle for many individuals after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages Roth IRAs…

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