Passing Assets and Saving Money
The Tax Cuts and Jobs Act, which was passed in December of 2017, brought large scale changes across the board. It significantly changed the landscape for taxes in general and in the realm of estate planning. It moved the estate exemption from $5,490,000 in 2017 to $11,200,000 per individual, meaning for federal estate tax purposes up to $11,200,000 of assets can pass to a non-spouse upon passing, free of Federal Estate Tax.
2017 Changes… in 2018!
Just when we thought all was said and done and final for the 2017 tax law, 31 items that had expired as of December 31, 2016 have been brought back, most with a new December 31, 2017 expiration date.
Wineries, Vineyards, Tax Cuts & Jobs Act (Oh My!)
There are changes across the board related to the Tax Cuts and Jobs Act signed into law in December of 2017. There are specific items relevant to wineries and vineyards.
Important Dates for 2018
As we said goodbye to 2017, we quickly rolled into the 2018 filing season. It is important to be aware of filing deadlines to ensure no filings are missed and all of the proper forms are filed with the correct agencies.
Prepping for the Tax Cuts & Jobs Act
The United States is on the verge of passing the largest tax overhaul since the tax code revamping in 1986. It will drastically change the landscape for some moving forward starting in the 2018 tax year. In preparation of the…
2018 Standard Mileage Rates
Late in the afternoon on Thursday December 16, 2017 the IRS released the 2018 standard mileage rates with Notice 2018-03. These rates are used for calculating deductible amounts related to business mileage, charitable deduction mileage, medical mileage, and mileage related…
2018 Inflation Adjustment Amounts
The IRS has released various limitations and amounts tied to cost of living adjustments and can change year over year. Listed are common items for taxpayers.
Sharing the Load
As Sam, one of my favorite characters in The Lord of the Rings said to Frodo, the hobbit who was attempting to make the perilous journey from The Shire to Mount Doom to destroy the one ring, “share the load.”…
Free Oregon Money
It is official! The state of Oregon has approved a $463 million kicker related to the 2016 tax year. The surplus means that the State of Oregon will be kicking income tax dollars back to Oregon taxpayers. Although taxpayers will…
Small Business Owner Deduction Hack
A common question amongst people seems to be, “How do I go about paying less taxes?” As a CPA, I have never heard someone ask, “How can I pay more taxes?” If you are a small business owner, particularly one…