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Tuesday Tax Tip: Casualty Losses in 2018

A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.

Tuesday Tax Tip: Charitable Deductions

December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.

Small Business Tax Savings for 2017

Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.

Tax Deductions: Moving Costs

If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

Softening the Blow of Higher Taxes on Trust Income

This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income tax applies to undistributed net investment income to the extent that a trust’s...

How to Partner with Your Own Self-Directed IRA

By John “Jack” F. Kiley, CPA, CISP Managing Partner / MidAtlantic IRA, LLC    Partnering with your own Self-Directed IRA is just one strategy that I’ve seen more and more investors implement to try to help boost their retirement savings. Simply put, this strategy...