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Tax Planning Tips: Beware of the Alternative Minimum Tax

As tax reform efforts progressed late last year, there were high hopes that the individual Alternative Minimum Tax (AMT) would be repealed. Unfortunately, it still exists under the TCJA. The good news is that you are allowed a relatively generous AMT exemption, which...

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Tax Planning Tips: Monitor State Response to Tax Reform

States react differently to changes to federal tax law. For example, some states automatically conform to federal tax law as soon as legislation is  passed. Other states require their legislatures to adopt federal tax law as of a fixed date. This generally occurs on...

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Tax Planning Tips: Watch out for New Alimony Rules

Under the Tax Cuts and Jobs Act, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal...

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Tax Planning Tips: Revisit Your Qualified Tuition Plans

Although the details of Qualified Tuition Plans (QTPs) can vary widely, they generally allow parents and grandparents to set up college accounts  for children and grandchildren before they reach college age. Once established, QTPs qualify for favorable federal (and...

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Tax Planning Tips: Take Advantage of the New Child Tax Credit

Under pre-TCJA law, the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every  $1,000 (or part of $1,000) by which their Adjusted Gross Income (AGI) exceeded $110,000. (The threshold was $55,000 for...

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