Because of the high exemption under the TCJA, few Americans have to worry about facing federal gift and estate tax liability in the next several years. But no matter your current net worth, it’s still important to be tax-smart when making lifetime gifts.
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
Kids back in school, the days getting shorter, pumpkin spice everything. It must be fall! For businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines.
Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine if you need to make a payment.
While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.
For those who enjoy gambling as a hobby, as a professional or only on occasion, be sure you understand the tax hand you’ve been dealt. The TCJA could make the consequences a little different from last year.
The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.
There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.
The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see our AMT planning tips.
If you’re considering making a gift of income-producing or appreciated assets to a minor or a college student, beware of the big, bad kiddie tax. It’s fiercer under the TCJA.