Wayfair revisited — It’s time to review your sales tax obligations
Posted by Kim Chen on March 22nd, 2020
In a 2018 decision, the U.S. Supreme Court expanded the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law. So if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations. If you make […]
Tax credits may help with the high cost of raising children
Posted by Kim Chen on March 19th, 2020
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.
There still might be time to cut your tax bill with IRAs
Posted by Kim Chen on March 18th, 2020
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wed., April 15, 2020, filing date and benefit from the […]
Qualified Opportunity Funds: A new weapon in the estate planning arsenal
Posted by Kim Chen on March 15th, 2020
Interested in tax-wise estate planning? Qualified Opportunity Zones depend on investments in Qualified Opportunity Funds (QOFs). Investors can defer capital gains on the disposition of appreciated property by reinvesting the gains in a QOF within 180 days of disposition. Tax is deferred until the QOF investment is sold or Dec. 31, 2026, whichever is earlier. […]
Home is where the tax breaks might be
Posted by Kim Chen on March 12th, 2020
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on home mortgage loans is deductible. Unfortunately, that’s not true. First, you must itemize deductions in order to deduct mortgage interest. And the deduction is limited. From 2018-2025, you […]
