As the end of the year approaches, I still field calls and emails from various clients asking what ways can we reduce our tax liability by the end of the year.   Consider opening up a Traditional IRA bank account. A deductible IRA contribution can lower your taxable income by the amount you invest in.… Read More

The 2018 Tax Season will be up and running January 28th 2019 despite the government shutdown. E-file is set to open on that date and as of now, refunds are to be scheduled as usual. While the government shutdown is already the longest in history, the scheduled refunds are expected to be delivered to taxpayers… Read More

Coming from the biggest federal tax law change in over 30 years is the Tax Cuts and Jobs Act. There are MANY individual tax provisions that have been completely deleted from the system, to name a few: -No more itemized deduction for miscellaneous deductions like investment expenses, unreimbursed employee expenses, and tax prep fees… -The… Read More

As many of you now know, the new Section 199A offers a 20% deduction on your business that is deemed “qualified business income” or QBI. QBI is defined as the net amount of income and gain with respect to your trade or business.  This income or gain can derive from your partnership, S corp, LLC,… Read More

There are a lot of deductions that a professional Athlete can deduct that may be missed. If one was able to correctly substantiate these expenses, taxable income can dramatically decrease allowing their total tax to go down. Consider ‘trainer fees’, an athletes job may require him or her to maintain peek physical performance during the… Read More

With a lot of questions still coming in regarding 2018 tax reform, it is still smart to take a look at your 2017 taxes and make sure you fully deduct all of your expenses Here is a list of items you may not have known to be tax deductible: Acupuncture Treatment of Alcohol Cost of… Read More

Mortgage interest deduction – You may have heard that they lowered the amount of interest you could deduct up to $1,000,000 of the loan value for your main home to $750,000. This however does NOT apply to grandfathered acquisition debt. What this means is that you STILL can deduct your interest up to $1,000,000 of… Read More

A lot of people are asking us what is changing with the new tax code. Both the Senate and the House have tax proposals that would revise the tax brackets and it’s still changing. Change in property tax deduction for your main home. They are capping the deduction at $10,000. If your property tax is… Read More