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Accounting News
Tax Planning Tips: Maximize Home Mortgage Interest Deductions
Before the Tax Cuts and Jobs Act, taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also, taxpayers could deduct interest paid...
read moreTax Planning Tips: New Standard Deduction Versus Itemized Deductions
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000....
read moreTax Planning Tips: Take Advantage of Lower Tax Rates and Investment Gains
Under the Tax Cuts and Jobs Act (TCJA), 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%, 32%, and 35%.) Also, the top rate now applies to...
read more“Last Minute” Year-End 2018 Tax Savings For Businesses
Although there are only a few weeks left to go before the year ends, it's not too late to implement some planning moves that can improve a business's tax situation for 2018 and beyond. This article reviews some actions that businesses may be able to take before Dec....
read moreProposed regs would reflect TCJA changes to insurance company discounting rules
Modification of Discounting Rules for Insurance Companies IRS has issued proposed regs under Code Sec. 846, the Code section that provides discounting rules that are used for various calculations for insurance companies. The proposed regs would principally implement...
read more“LAST-MINUTE” YEAR-END 2018 TAX-SAVING MOVES FOR INDIVIDUALS
Although there are only about five weeks left to go before the year ends, it's not too late to implement some planning moves that can improve a client's tax situation for 2018 and beyond. This article reviews some actions that clients can take before Dec. 31 to...
read moreInsurance Data Security Model Law
By Matt Zollinger, CPA The purpose and intent of this Act is to establish standards for data security and standards for the investigation of and notification to the Commissioner of a Cybersecurity event. The Act is applicable to insurance companies licensed,...
read moreYear-End Tax Planning Appointments Now Available
2018 is drawing to a close and tax benefits for this year will be gone before you know it. We invite you to come in for a tax planning appointment during the month of December to ensure you are in the best tax position possible. This will give you some added benefits...
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