Category Archives: Income Tax

New Tax Rules for Meals and Entertainment

As time goes by, tax practitioners are coming to better understand some of the significant changes brought about by the new tax act, which became law in late December.   Among these changes are a significant reduction of the tax deductibility … Read More

Prepay Your 2018 Property Taxes? (Better Hurry!)

One of the biggest stories of the new tax act is the $10,000 limitation to be imposed on the deductibility of state and local taxes, beginning next year. There has been a rush for advice on this, with CPAs phones … Read More

Tax Strategy for Charitable Donations Under the New Tax Act

While we are just beginning to wrap our thoughts around the Tax Cuts and Jobs Act, we are already learning some strategies for taxpayers to consider before the end of 2017.  One of the simplifications of the new act is … Read More

2017-2018 Contribution Limits for IRAs and Retirement Plans

Retirement contributions 2017The IRS has just released their updated contribution limits for tax deferred savings plans for next year. Since there has been a small increase in inflation for the past year, the contribution limits have risen slightly, and income thresholds have … Read More

IRS Provides Extra Time for Hurricane Harvey Victims

Stormy WeatherIn a quick move, the IRS has given relief to taxpayers affected by Hurricane Harvey.  As a result of the hurricane, counties suffering from the storm have been declared disaster areas.  This qualifies taxpayers for relief from filing 2016 individual … Read More

Consider a Last Minute Donor Advised Fund

There is a good article about Donor Advised Funds (“DAF”) in the December 23 edition of the Wall Street Journal.  It’s titled, Giving Back Isn’t Only for Billionaires, and it provides several stories about less-wealthy philanthropists using DAFs for … Read More

Thinking Ahead: Accelerate Your Charitable Contributions

Hand putting coin in the donate boxIf you are a high-income earner and make large charitable gifts every year (or anticipate large gifts in the future) you might want to consider accelerating your charitable contributions to take advantage of the current income tax benefit.  A charitable … Read More

2016-2017 Contribution Limits for IRAs and Retirement Plans

Retirement contributions 2017The IRS has just released their updated contribution limits for tax deferred savings plans for next year. Since there has been no appreciable inflation for the past year, the contribution limits remain the same as last year, although some of … Read More

IRS (Again) Gives Extra Time to File and Pay Taxes for Harris County Residents

Stormy WeatherRecent flooding rains in the Houston area coincided with the annual income tax filing deadline this year on April 18th.  This is deja vu all over again as it has not yet been a year since our last floods, which … Read More

Trust Planning with the 65 Day Rule

Tax planningThe “65 Day Rule” allows a trustee to elect to make a trust distribution within 65 days of the end of the preceding tax year and effectively transfer some of the tax liability from the trust to the trust beneficiary … Read More

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