Returning Value Blog

Home  sale exclusion remains intact

Although Congress threatened to reduce the benefits of the home sale exclusion, the final version of the new Tax Cuts and Jobs Act (TCJA) did not include a crackdown. As a result, if you sell your home at a huge profit and qualify under the existing rules, you can still exclude up to $250,000 of your gain—$500,000 if you’re married and file a joint return—from the sale of your home.

The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include aging parents as well.

Protect your wealth from creditors and litigants.

Understanding the implications of the Tax Reform Act will be critical in business planning for 2018. The Act placed stricter limits on what businesses can deduct for meals and entertainment and suspended the exclusion of moving expenses from an employee’s income.  Please see the tables below comparing the rules before and after the Act.

Here is a brief look at how the new Tax Cuts and Jobs Act bill affects individuals.

On December 22, President Trump signed the Tax Cuts and Jobs Act bill into law.  The bill will impact virtually every individual and business on a level not seen in over 30 years. We have attached a summary of the key provisions. 

One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase.

This is the time of year to start thinking about depreciated stock, it may help you reduce your 2017 tax bill.

November 2, 2017, the House Ways and Means Committee Chairman, Kevin Brady, introduced a draft tax reform bill titled "Tax Cuts and Jobs Act." This proposed bill would overhaul the federal tax code with a majority of the provisions effective starting in 2018. Below is a brief summary of some of the proposed legislation.

If you have not filed your taxes, you are quickly running out of time. The deadline for all individual taxpayers who filed for an extension is Monday, October 16, 2017, since October 15, falls on a weekend. You must file and pay any balance due next week.