Coming Soon: Three Possible Tax Policy Changes
December 17th, 2018 (Taxloopholes.com Tax Strategist)
Depending on your perspective, the 2017 Tax Cuts and Jobs Act was either a reasonably-balanced tax cut that favored the middle class or a reverse Robin Hood (stealing from the poor and giving to the rich). But everything is temporary. Again depending on your perspective, these latest tax law changes could go up in smoke […]
When GoFundMe Beneficiaries Get Stung by The IRS
December 10th, 2018 (Taxloopholes.com Tax Strategist)
The cancer survivor expected her GoFundMe receipts to offset her medical bills. She certainly did not expect a $19,000 tax bill. As they treated her for car crash injuries, doctors discovered that Ms. Charf had several malignant tumors. Cancer treatments often cost over $10,000 a month, so her medical bills quickly mounted. Her sister then […]
The New Section 199A Deduction: Some Case Studies
December 4th, 2018 (Taxloopholes.com Tax Strategist)
Many people are aware that the 2017 Tax Cut and Jobs Act doubled the standard deduction. But fewer people know about the new Section 199A deduction. This provision allows most small businesses to deduct up to 20 percent of their income. Small business owners or participants qualify for the deduction if their gross incomes are […]
