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Deducting Charitable Donations Under the New TCJA Tax Law: 3 Win-Win Strategies

Posted on November 30th, 2018

Deducting Charitable Donations: How it Works Under the New Tax Law

Up until 2018, charitable giving was a win-win for many people who itemized their taxes. The non-profit received a donation and the taxpayer often benefited by deducting charitable donations. Read More…

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Tax Planning Seminar — December 10, 2018

Posted on November 7th, 2018

EVENING SEMINAR
MONDAY DECEMBER 10, 2018

Register today, seating is limited.

 

HOSTED BY JEFF BUFFUM, CFP and ROBERT P. RUSSO, CPA, PC

December 2018 Tax Planning Seminar
CLICK HERE TO REGISTER ONLINE
Please register today to reserve your seats.
Seating is limited and on a first-come, first-served basis.

Please call us at (212) 279-9800 if you have any questions.

www.robertprussocpa.com

 

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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Tax Benefits of Health Savings Accounts

Posted on November 5th, 2018

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. Read More…

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Business Expense Deductions for Meals, Entertainment

Posted on November 5th, 2018

As the end of year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers should rely on transitional guidance that was recently issued by the IRS. Read More…

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Understanding the Gift Tax

Posted on November 4th, 2018

If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Read More…

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2018 Year-End Tax Planning for Individuals

Posted on November 4th, 2018

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let’s take a closer look. Read More…

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The Health Care Law and Hiring Seasonal Workers

Posted on November 3rd, 2018

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). Read More…

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Section 199A: Qualified Business Income Deduction

Posted on November 3rd, 2018

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019. Read More…

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Making Tax Smart Loans to Family and Friends

Posted on November 2nd, 2018

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Read More…

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IRS Relief for Taxpayers Affected by Hurricanes

Posted on November 2nd, 2018

FEMA (Federal Emergency Management Agency) has declared a number of counties in Florida, Georgia, North Carolina, South Carolina and Virginia disaster areas due to hurricanes Michael and Florence. Any area declared a major disaster as designated by FEMA qualifies for individual or public assistance. As such, individuals and residing or located in these counties are eligible for tax relief—including an extension to file beyond the October 15 deadline. Read More…

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Tax Due Dates for November 2018

Posted on November 1st, 2018

Anytime

Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4. The 2019 revision of Form W-4 will be available on the IRS website by mid-December.

November 13

Employees who work for tips – If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time.

November 15

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.

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Deferred Tax on Gains from Forced Sales of Livestock

Posted on November 1st, 2018

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible. Read More…

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2018 Year-End Tax Planning for Businesses

Posted on November 1st, 2018

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Read More…

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