The 2018 tax year will mark the first year subject to the changes in effect from the Tax Cuts and Jobs Act (TCJA). We have compiled a list of potential planning strategies that may benefit you or your family. We have placed a special emphasis on strategies connected to changes from the TCJA. We encourage…

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This is our fifth installment of our monthly tax blog about the Tax Cuts and Jobs Act. This blog will revisit a topic discussed in our third installment, however this blog post will focus on how the Qualified Business Deduction affects specifically rental properties. General Overview of Qualified Business Income Deduction The Qualified Business Income…

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This is the third installment of our monthly tax blog about the Tax Cuts and Jobs Act. In our two previous posts, we discussed changes to individual tax rates, exemptions, the standard deduction, and itemized deductions. In this post, we will conduct an overview of the Section 199A deduction, which is also known as the…

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This summer, parents are increasingly looking forward to the day their kids will be out of the house, but dreading the cost of their new residence: college.  As you consider college saving plan options, consider the two most common tax favored savings tools available: the Coverdell Education Savings Accounts and 529 Plan accounts.  The Coverdell…

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Qualified Real Property

Depreciation can be a confusing topic, especially as a property owner. The IRS establishes multiple lives and methods for depreciating assets, making it frustrating and seemingly impossible to determine which life to assign and/or what method to use. Especially confusing can be all the different qualified real property categories and under what circumstances each applies….

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