Mortgage Interest Deduction in 2018

Do I Lose My Mortgage Interest Deduction in 2018? In a word – no.  But there are big changes in the mortgage interest deduction for 2018. Let’s look at what hasn’t changed.  If you borrowed amounts from mortgages you signed before 2018, your mortgage interest...

Should You Consider a Change in Business Entity?

Should You Consider a Change in Business Entity? The new tax law makes major changes to the taxation of businesses.  Owners should reconsider their choice of entity based on the new deduction for pass through entities and the 21% C corporation tax rate. Let’s assume...

Calculating the New Business Pass Through Deduction

In my last post, I covered which businesses are eligible for the deduction and how the deduction is reduced for high income taxpayers and some types of businesses.  In this one, we’ll discuss the mechanics of calculating the deduction. Congress must have designed the...

The Latest Guidance on Prepaying 2018 Property Taxes

Yesterday, the IRS issued guidance on prepaying 2018 property taxes by the end of 2017.  They stated that the 2018 taxes must be actually assessed by the taxing jurisdiction (county or city for Virginia) for a prepayment to be deductible on 2017 income tax returns. ...

A Synopsis of the New Tax Act

Thanks for ignoring the Grim Reaper and reading this post.  As an IRS employee, he has no interest in letting you know that, according to the Wall Street Journal, 91% of taxpayers will pay less in 2018.  The tax act is 500+ pages.  Covering all of it in a few...

New Tax Bill Effective for 2018

Unless you live in a cave, you’ve probably heard that we have a new tax bill effective for 2018.  Well, that’s not entirely true - yet.  The House and the Senate have passed separate bills that must be reconciled into a final bill.  We expect that to happen within a...

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