tax planning Archives - BeachFleischman CPAs

What will your marginal income tax rate be?

January 18, 2019 Tax Department Tax Bites tax brackets, tax planning, TCJA

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing[…]

2 Major Tax Law Changes for Individuals in 2019

January 11, 2019 January 10, 2019 Tax Department Tax Bites alimony, medical expense deduction threshold, tax, tax planning, TCJA

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health[…]

Act soon to save 2018 taxes on your investments

December 20, 2018 Tax Department Tax Bites investments, tax planning, TCJA

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments • you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing[…]

2019 Q1 Tax Calendar: Key deadlines for businesses and other employers

December 6, 2018 Tax Department Tax Bites 2018 tax returns, deadlines, tax planning

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January[…]

Arizona Tax Credit Alert – November 2018

November 5, 2018 Tax Department Tax Bites arizona, tax credits, tax planning, tax savings

The Arizona legislature has retained and expanded some of the incentives for charitable giving for 2018. This alert explains the credits for individuals only. The dollar limits differ depending on marital status. Your payments will make a positive impact on the recipient organization, while at the same time reducing your Arizona income tax liability dollar[…]

Consider all the tax consequences before making gifts to loved ones

October 17, 2018 November 1, 2018 Tax Department Tax Bites estate tax, gift tax, tax planning, TCJA

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple types of[…]

Tax planning for investments gets more complicated

September 28, 2018 Tax Department Tax Bites investments, NIIT, tax planning, TCJA, year-end tax planning

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year-end to save taxes. This year, you also need to keep in mind the impact of the Tax[…]

The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

August 8, 2018 August 7, 2018 Tax Department Tax Bites Roth IRA conversion, tax planning, TCJA

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts[…]

Do you still need to worry about the AMT?

August 1, 2018 July 31, 2018 Tax Department Tax Bites AMT, tax planning, TCJA

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize[…]

Why the "kiddie tax" is more dangerous than ever

July 25, 2018 July 24, 2018 Tax Department Tax Bites kiddie tax, tax planning, TCJA

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the "kiddie" tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax[…]