Monthly Archives: July 2018

//July

Is an Inheritance Taxable?

Article Highlights: Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step-up in Basis Community Property Deferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to [...]

By |2018-07-24T18:15:14+00:00July 30th, 2018|Categories: Uncategorized|0 Comments

Taxation of Legal Settlements or Awards

Article Highlights: Physical Injury and Physical Sickness Wrongful Death Emotional Distress Previously Deducted Medical Expenses Employment Discrimination Age Discrimination Unpaid or Disputed Employment Earnings Interest Settlements Legal Costs The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws [...]

By |2018-07-24T18:11:00+00:00July 26th, 2018|Categories: Uncategorized|0 Comments

Procrastinating on Filing Your Taxes?

Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may [...]

By |2018-07-24T18:02:17+00:00July 24th, 2018|Categories: Uncategorized|0 Comments

The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially limiting and costly down the road. With the help of an accounting professional, it [...]

By |2018-07-17T17:57:52+00:00July 17th, 2018|Categories: Uncategorized|0 Comments

Moving Deductions are Kaput

Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least [...]

By |2018-07-11T20:16:53+00:00July 13th, 2018|Categories: Uncategorized|0 Comments

Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?

Article Highlights:   Background New Limit Equity Debt Interest Interest Tracing Refinancing   The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on [...]

By |2018-07-11T17:44:09+00:00July 11th, 2018|Categories: Uncategorized|0 Comments