New Tax Law Goodies for Individuals

In our last post, the Grim Reaper made us painfully aware of the bad parts of the new tax law for individuals.  Since our obligation to him from that unfortunate lawsuit is done, we can move on to the goodies in the new tax law for individuals. First, tax rates for...

The Bad Parts of the New Tax Law

The Bad Parts of the New Tax Law Your Grim Reaper here, You’ve been reading lots of stuff from that Stitely fella about how the how the new law benefits businesses and business owners.  He hasn’t told you the whole story.  I’d like to say he struck a deal with the...

More Tax Cuts!!

More Tax Cuts!!  And Retroactive to 2017 Just  when you thought it was safe to prepare your tax returns for 2017 – Congress passed more tax cuts as part of the two year budget agreement to keep the federal government operating.  Better yet, many of the cuts are good...

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. ...