Fortunately for boat lovers, tax reform did not destroy all the benefits of boat ownership. Sure the love of the ocean breeze, inter-coastal sightseeing, fishing and water skiing on the lake are enough to bind a captain to his beloved vessel, but tax breaks make owning a boat a lot easier on the pocket book.
Residential And Commercial Solar Energy Credits Still Available
The government is still encouraging investment in solar energy and other alternative energy sources. As an incentive, the Internal Revenue Code offers a credit to taxpayers who install solar energy equipment in the form of a 30% credit for the costs of the solar panels and related equipment and material installed to generate electricity. It
Tax Consequences When Selling Your Home
Fall is a great time to seel your home, and if you’re planning to put your home on the market soon, you’re probably worrying about if it makes sense to give it a new coat of paint, or clean out the garage and basement. You are also probably worrying about how long it will take
Better Brackets And Benefits When Filing As Head of Household
The Head of Household status is considered to be the most advantageous filing status because taxpayers who qualify get a higher standard deduction and wider tax brackets compared to the single filing status. The Head of Household standard deduction will be $18,350 for tax year 2019 compared to single taxpayers and married individuals filing separately,
A Dozen Ways Divorce Or Separation Impacts Your 2019 Tax Return
Recently separated or divorced from your spouse? Considering a break-up? Here are some important tax rules to keep in mind: 1. You’re still considered married by the IRS if your divorce is not yet final as of December 31, even if you or your spouse filed for divorce earlier in the year. 2. If the
Take A Second Look At Opportunity Zones
Time is running out if you have been considering investments in qualified opportunity zone properties and businesses. The deadline to get the full 15 percent step-up in basis afforded to realized capital gains is December 31, 2019. Opportunity Zones are a way to encourage more investment in economically distressed communities. They were slow in gathering
Lawmakers Let Tax Extenders Live
Congress was not too distracted by impeachment to pull together last-minute legislation for a year-end appropriations measure which included extensions of numerous tax provisions that had already expired or were about to. In a last-minute deal right before Christmas, Congress agreed to revive the expiring tax breaks below, including many that have been gone for
2019 Year End Business Tax Strategies
Even though mid-December is upon us, there are several tax planning opportunities still available to reduce a business’s 2019 federal income tax bill, if you act NOW! Defer Income – C corps enjoy a flat 21% statutory tax rate and pass-through entities are now taxed at lower rates, still income deferral remains an important tool in
Breaking News About 2020 Tax Brackets And Rates
The IRS recently announced its yearly tax inflation adjustments for 2020. These are the numbers for the tax year 2020 beginning January 1, 2020, that you’ll use to prepare your 2020 tax returns in 2021. The income tax brackets, standard deduction amounts, and other tax items adjusted annually for cost-of-living increases of most interest to our clients are
Treasury Clamps Down On SALT Deduction Workarounds
The Treasury Department just made it harder for taxpayers trying to circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). The Tax Cut and Jobs Act rules on SALT deductions is a nightmare for folks in high-tax states where residents had previously benefited from being able to deduct much more.
