Charitable Giving
This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate Shawna Theriault, CPA, CFP®, CDFA®, and Associate Michael Griffin, CFP®, to discuss charitable giving.
Hardship Exemption Rules for Not Having Health Insurance Eased
The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However, the hardship relief from the penalty required pre-approval from the government health…
Big Changes for Vehicle Tax Deductions
In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues to be the case, except the luxury auto depreciation limit has been substantially increased. In addition, there are other changes…
Are You Prepared for a Disaster?
This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared.…
Kiddie Tax No Longer Based on Parents’ Tax Rate
Some years back, it was not uncommon for parents to put their investments in their dependent children’s names to take advantage of their children’s lower tax rates. Although the Uniform Gift to Minors Act legally made a child the owner of money put into his or her name, this didn’t stop parents from routinely putting…
Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt from AMT taxation) and raising the income thresholds for when the exemptions are phased…
In the News: IRS proposes regulations to limit charitable organizations that provide a state tax credit
The IRS’ proposed regulations primarily target new and existing programs, specifically in instances when a taxpayer makes a payment or transfers property to or for the use of a nonprofit entity and the taxpayer receives, or expects to receive, a state or local tax credit in return for such payment.
IRS Proposes Regulations to Limit Charitable Organizations that Provide a State Tax Credit
Tax Manager Dan DiLuzio, CPA, and Associate Michael Griffin, CFP®, join Chief Investment Officer Troy Harmon, CFA, CVA, to discuss recent IRS guidance on charitable donations that allow taxpayers to claim state tax credits designed to offset the limited state and local tax deductions.
After Tax Reform, Which Is Right for You: S Corp or C Corp?
The Tax Cuts and Jobs Act has left many of today’s businesses with big questions. Incorporation remains a hot topic, but this law is shaking things up. It’s quick to assume your company should be one or the other, but without careful consideration of the facts, your organization may end up facing financial loss, hefty…
IRA Missteps to Avoid
If you have an IRA account or are considering one, there are a number of potential missteps you will want to avoid. Some of them can lead to unwanted taxes and penalties, and of course, we are talking about your retirement funding, so it is an important issue. Here are a number of issues to…