The home office tax deduction has been difficult to claim in the past. Luckily, the IRS has made it far more accessible in recent years. How, you ask? By simplifying the process as a whole. The IRS released the simplified option in 2013 which can save taxpayers a significant amount of time and paperwork. The…
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My wife and I have been actively planning for our kids’ college educations for a while. As for many people, creating a plan to efficiently save enough for our kids’ college careers is a difficult task. We found that creating and maintaining a 529 savings plan can help. In fact, it’s one of the most…
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Our year-end tax planning seminar was last month and thanks to our partners with the Institute for Family Business, the video is now available online. Time is running out to make some decisions for 2016 but many strategies will still be available in 2017. Watch the video to find a few that work for your…
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My grandparents have a vacation house along the coast that they rent to friends and acquaintances from time to time. Like many other property owners, they think it’s a great way to generate a little extra income. While this may be true, people often overlook the vacation rental tax rules that are associated with earning…
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The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but…
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The recently enacted Tax Cuts and Jobs Act (TCJA) introduces two elections, one to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity (QO) Fund and another to permanently exclude gain from the sale or exchange of the investment in the QO Fund. These elections can provide…
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