Moving Expenses Deduction SuspendedUnder pre-Act law, taxpayers could claim a deduction under Code Sec. 217 for moving expenses incurred in connection with starting a new job if the new workplace was at least 50 miles farther from a taxpayer's former residence than the former place of work.New law. For tax years beginning after Dec.
Under pre-Act law, funds in a Code Sec. 529 college savings account could only be used for qualified higher education expenses. If funds were withdrawn from the account for other purposes, each withdrawal was treated as containing a pro-rata portion of earnings and principal.
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Here's a quick rundown o...
While we await the finalizing of the proposed tax legislation, The Tax Cut and Jobs Act, many tax advisors were suggesting clients prepay state and local income and property taxes related to year end 2018 in 2017. This is because it was clear in the proposed legislation that these deductions will be eliminated, or severely limited, after 2017.Prior to finalizing the potential new law, the drafters made clear that any prepayments of 2018 personal state and local income taxes in 2017 will not be t...
Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2017, the expensing limit is $510,000 and the investment ceiling limit is $2,030,000. Expensing is generally available for most depreciable property (other than buildings), off-the-shelf computer software, air conditioning and heating units, and qualified real property—qualified leasehold improvement property, qualified restaurant property, and qualified retail impro...
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you (or a family member) will likely benefit from many of them. We can narrow down the specific actions that you can take once we meet with you to tailor a pa...
