If you want to head off a tax bill from Uncle Sam next spring, right now is the best time to prepare. Mid-year tax planning is especially important in 2018, experts say, as accountants and their clients grapple with a volley of changes from the Tax Cuts and Jobs Act. Updates under the new law […]
Tax Tips
Ten Takeaways from the Tax Reform for HNW Individuals
The Tax Cuts and Jobs Act introduced significant changes to the taxation of high-net-worth individuals. The changes particularly affect globally mobile clients and multi-jurisdictional families with U.S. connections. Here are some key takeaways for international HNW individuals. Read the full article here>>
Gifting Opportunities Under the New Tax Law
Individuals who previously exhausted their $5.49 million gift tax exemption now have another bite at the apple. Under the Tax Cuts and Jobs Act, individuals are now able to transfer approximately $11.18 million free of estate, gift and generation-skipping transfer tax during their lives or upon death. A married couple will be able to transfer […]
How to File an Online Business Tax Extension (IRS Form 7004)
The deadline for filing income tax returns for Corporations (both C and S-Corps) and Multi Member LLC’s is March 15th. The fact is millions of businesses do not file their corporate income tax return by the filing deadline and instead file IRS Form 7004 – “Application for Automatic Extension of Time to File Certain Business […]
Avoid the Rush: Some Taxpayers May Need Prior-Year Tax Data
The Internal Revenue Service today reminded taxpayers who have changed tax software products that they may need information from their 2016 tax return to complete their taxes this year. It’s always a good idea to keep copies of previously-filed tax returns. That recommendation is more important this year because, for some taxpayers, certain data from […]
Tax Law Means New Choices For Small Business
As Congress debated a new tax law at the end of last year, Jerell and Elissa Klaver began revising their company’s plans for 2018. The Klavers crunched the numbers, estimating how a lower tax rate and bigger deductions on equipment purchases could help increase their sales of bath soaps and other personal care products. They’ve […]