Tag Archives: Deduction

Nearly 90 Percent of Taxpayers Are Projected to Take the TCJA’s Expanded Standard Deduction

As the House of Representatives this week considers a bill that would make the individual reforms of the Tax Cuts and Jobs Act (TCJA) permanent, one important change to keep in mind is the increased standard deduction. The TCJA lowered … Continue reading

Posted in Tax Law | Tagged , , , , , , , , | Leave a comment

Alimony Tax Deduction: Is It Too Late To Divorce in 2018?

Have you heard the news about the alimony tax deduction?  It is going away for divorces finalized after December 31, 2018.  But fear not!  If you and your spouse act smartly and quickly, you can still lock in your alimony … Continue reading

Posted in Divorce Law | Tagged , , , , | Leave a comment

Multiple Trusts and the Section 199A 20% Deduction

Section 199A BackgroundThe Tax Cuts and Jobs Act of 2017 created a 20% deduction for noncorporate taxpayers against their qualified business income. For taxpayers in the highest bracket, this would reduce their tax on such income from 37% to 29.6%.There … Continue reading

Posted in Tax Law | Tagged , , , , | Leave a comment

What to Expect from IRS Guidance on SALT Deduction Cap Workarounds

The Internal Revenue Service (IRS) is expected to issue formal guidance on the legality of SALT deduction cap workarounds any day now, and the tax community is on pins and needles. What will the guidance say? Will it spare existing … Continue reading

Posted in Tax Law | Tagged , , , , | Leave a comment

The Trade or Business Requirement for the Sec. 199A Deduction

The new Sec. 199A deduction that provides a 20 percent benefit for flow through entities has been in the news as of late.  The Yaryan v. Commissioner, T.C. Memo. 2018-129, case provides an opportunity to consider one aspect of this new … Continue reading

Posted in Tax Law | Tagged , , , , , | Leave a comment