Vernoia, Enterline + Brewer, CPA LLC

Posts tagged ‘TCJA’

New tax law revised family tax credits

More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season. (more…)

Tax reform affects if and how taxpayers itemize their deductions

Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. (more…)

Small businesses expense more expand bonus depreciation

The Internal Revenue Service reminds small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. (more…)

TCJA Draws a Silver Lining Around the Individual AMT

The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. (more…)

Don’t Let the Kiddie Tax Play Costly Games with You

It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults.

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Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. (more…)

Deducting Home Equity Interest Under the Tax Cuts and Jobs Act

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible. (more…)

Child Credit to Get Even More Valuable

The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know. (more…)