Tag: property
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Close-up on the New QBI Deduction’s Wage Limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations, and, typically, limited liability companies (LLCs). It can equal as much as 20% of…
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Factor in State & Local Taxes when Deciding Where to Live in Retirement
Many Americans relocate to other states when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property, and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you…
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Be Aware of Tax Consequences Before Selling Your Home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion…
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Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the…
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Size of Charitable Deductions Depends on Many Factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash You may…
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Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and More Savings in the Future
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly…
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Two New Ways to Claim Unclaimed Property in Illinois
In 2017, the Office of the Illinois State Treasurer and the General Assembly updated the State’s unclaimed-property law to incorporate recommendations of the Uniform Law Commission. On January 2, Treasurer Michael Frerichs announced on his Facebook page that “claiming cash and property will be a much simpler, faster process in 2018” while remaining free and secure. …