This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions.
When borrowing money taxpayers often ask if the interest will be tax deductible. The answer to the question can be complicated and you’ll learn that not all interest you pay is deductible. The rules for deducting interest depend on whether you use the loan proceeds for personal, investment, or business purposes.
If you’re a business owner with highly appreciated business or investment real estate there is a tax planning strategy you should know about before you consider selling your property. It is a Section 1031 “like kind” exchange.
During 2016 you may have made substantial gifts to your children, grandchildren or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support.
Now that the 2017 tax filing season has arrived you may benefit from the following tax savings opportunity.
If you run your business as an S corporation, you’re probably both a shareholder and an employee. Therefore, the company should pay you a salary for the work you do for the business, which is subject to payroll taxes as well as income tax withholding.
Do you pay to put your child or children in daycare or some other form of child care so you can work and earn a living for your family? If so, then you might be entitled to a tax credit when filing your tax return.
Although the close of another year is rapidly approaching, you still have time to implement tax planning strategies to reduce your 2015 taxes.
There’s still time to reduce your 2014 income taxes.