Month: January 2018
The new tax law does not eliminate the alternative minimum tax (AMT) for individuals, but there are changes that will reduce the number of taxpayers who are subject to it. First, the AMT exemption has been increased for tax years 2018-2025. The AMT exemption is similar to the standard deduction...
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The New Tax Act changed the rules on the deductibility of business meals and entertainment expenses. The New Tax Act disallows the deduction for an activity that is considered entertainment, amusement, or recreation (i.e. sporting event tickets, golf, hunting and fishing trips, etc…). Another change in this area is the...
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January 15, 2018 by Staff
Today it feels like it is only a matter of time before your financial information is compromised. Here are suggestions on what to do to protect your information and the steps you should take if you are a victim. Protect your information: Do not give out your social security number....
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FEDERAL: Under the Tax Cuts and Jobs Act of 2017 that was signed into law by President Donald Trump on 12/22/2017, the basic exclusion amount for gifts made and estates of decedents passing away after December 31, 2017 and before January 1, 2026 has doubled from an inflation-adjusted $5 million...
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