The following VERY long post is compliments of Morningstar, which provided a good recap of the rates and due dates for 2018 and 2019 tax filers. The year 2018 ushered in seismic tax-code changes that you’re likely to see reflected on your 2018 return: notably,...
This note is for the personal tax planning of our clients and friends. With the passage of the new tax law, the interest expense you pay on any home equity line of credit (“HELOC”) is no longer deductible on your federal return. However you can carry up to...
You may recall a recent IRS proposal to have nonprofit organizations collect and report the social security numbers of large donors (large being over $250, if you can believe that). Thanks to the quick responses of over 38,000 citizens, the proposal was withdrawn and...
Singer Lewak, CA-based CPA firm, reported that the CA Supreme Court has affirmed the revised income apportionment formula for CA companies doing business in multiple states. They wrote: On December 31st, 2015, the California Supreme Court reversed the California...
When we learned of some big changes in tax deferral rules for 401(k)s and Roth IRAs, we asked private wealth advisor Edward T. Kelly, CFP®, CLU®, ChFC® to give our readers some details as we approach year end tax planning time. Here’s what we learned: The IRS...
