Simplifying the Complex World of Tax and Financial Planning

As summer sadly ends and back-to-school sales and tax-free shopping begins, it is a great time to start thinking about future college savings. Changes to the new tax law have modified the benefits of 529 Plans and here is what you need to know: #taxplanning #newtaxlaw #taxtips #529plans #taxdeductions

The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and it is the largest overhaul of the Internal Revenue Code since 1986.  Many of the provisions of the TCJA took effect as of January 1, 2018 and they are set to expire on December 31, 2025. One of the most widely talked about changes that took effect is the new Section 199A deduction for qualified business income (QBI) of pass-through entities.  The deduction applies to all entities

Have you ever heard the words “kiddie tax” before but didn’t fully understand what that meant? Today I’m going to explain to you what kiddie tax means, how it came into existence, and how it has changed with the passing of the Tax Cuts and Jobs Act. Kidde tax was initially implemented in 1986 as part of the Tax Reform Act. Its primary purpose was to prevent parents from transferring investment assets into their children’s name to escape taxation. By placing the assets into th