Individual Tax
It’s 1099 time! As a reminder, 1099 forms are due to the recipient and to the IRS by January 31, 2018, with no extensions available. There will be penalties per form if you do not comply with the filing deadline. Here are some insights on the requirements. It is required that you send a Form…
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Last week, the Trump administration and select members of Congress released a “Unified Framework for Fixing Our Broken Tax Code,” outlining proposed tax reform targets. We wanted to highlight just a few of the proposed changes that could have particular relevance for our clients. For individuals: • The number of tax brackets would be reduced from…
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Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as advertising…
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Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of…
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Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child or grandchild buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate If your child is…
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Home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined…
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If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency…
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