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 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!!  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...

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? 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...

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 answer to this question is pretty simple – pretty much all businesses, which are organized as pass through entities qualify for the new deduction – with a bunch of caveats.  For the purposes of the new deduction, a pass through entity is a business treated for tax...

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. ...

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...

The link below is a good synopsis of the new tax bill. Click on the link to read the article titled, "6 Big Rule Changes For Individuals In the New Tax Bill". READ ARTICLE NOW Thanks!

Wishing you all of the Hope, Wonder, and Joy that the Season can bring! Best Wishes, The S&K Staff

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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