Tax Cuts and Jobs Act

The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest federal tax law change in over 30 years. Below are some significant changes affecting individuals and businesses. Except where noted, the changes are effective for tax years beginning after December 31, 2017. While we have… Read More

Planning For Your Child’s Financial Future

One of the future goals for your children is their financial security and assistance with education goals. It is important to demonstrate the value of saving money and taking advantage of tax breaks. The Tax Cuts and Jobs Act (TCJA) includes provisions that affect tax planning for children and their… Read More

Substantiation Required for Charitable Donations

As a reminder following are the IRS rules for substantiating charitable donations. We encourage you to maintain the records necessary to support your claim for these donations in the event of an audit. Many taxpayers may not be able to deduct their charitable donations due to the increased standard deductions… Read More

New Deductions For Business Owners

New Deductions For Business Owners One of the more complex changes from the Tax Cuts and Jobs Acts is the ability to reduce taxable individual income for those who receive income from a pass-through business entity such as a sole proprietorship, partnership, S corporation or trust/estate.  Recipients of income from… Read More