TCJA 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[…]

A refresher on major tax law changes for small-business owners

January 7, 2019 January 4, 2019 Tax Department Tax Bites 2018 income tax returns, small-business owners, small-business tax, TCJA

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns[…]

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[…]

Year-end tax and financial to-do list for individuals

December 12, 2018 December 11, 2018 Tax Department Tax Bites individual income tax planning, TCJA, year-end tax strategies

2019 will be here soon. Have you taken care of everything you need to do by Dec. 31 to minimize your 2018 taxes, make the most of tax-advantaged savings opportunities and avoid unnecessary penalties?

Benefits of Investing in Opportunity Zones, TCJA

November 30, 2018 Daliah Bui Real Estate, Tax Bites arizona, investment, opportunity zones, Qualified Opportunity Fund, TCJA

The Opportunities Zones program enacted with the Tax Cuts and Job Act of 2017 offers three tax incentives for investing in certain low-income communities through a qualified Opportunity Fund: temporary deferral, step-up in basis, and permanent exclusion of capital gains. Under this provision, gain from the sale of any type of property that produces capital[…]

Does prepaying property taxes make sense anymore?

November 28, 2018 Tax Department Tax Bites itemized deductions, property tax, tax planning strategies, TCJA, year-end tax planning

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But[…]

Catch-up retirement plan contributions can be particularly advantageous post-TCJA

November 20, 2018 Tax Department Tax Bites 401(k) contribution, catch-up contribution, retirement plan contributions, retirement plans, TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions[…]

Buy business assets before year end to reduce your 2018 tax liability

November 13, 2018 Tax Department Tax Bites 2018 taxes, Section 179, tax planning strategies, TCJA

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability[…]

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[…]