News & Events
The IRS has released a new version of Form W-4 and a revised Withholding Calculator on irs.gov (IR-2018-36). These updated tools can help you check your 2018 tax withholding to determine if it's still appropriate following passage of the Tax Cuts and Jobs Act in December 2017. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax withheld from their paychecks, taking into account significant changes to the tax law for 2018.
One of the major aspects of a business sale is whether the business will be sold as an asset or as stock. An owner might be thinking, “Does it really matter as long as I get the highest sales price?” Well, as you’ll see below, there are plenty of circumstances that can make a LOWER sales price MORE attractive.
Health savings accounts (HSA) are a means for an individual with a qualifying high deductible health plan(1) to save for both current and future health expenses. Unlike any other savings vehicle, they are largely appealing for the triple tax benefit that they offer: contributions are tax-deductible, the interest and/or earnings grow tax free, and account owners may make tax-free withdrawals for qualified medical expenses (2).
2018 Tax reform has brought about some of the biggest changes to the tax laws since the 1980’s. With new law, often comes confusion and occasionally misinformation for taxpayers. Many taxpayers believe they will no longer be able to deduct their charitable contributions in 2018 and going forward. The standard deduction has been increased, meaning that many people with modest charitable contributions each year may not see the same benefit. However, strategies exist for the charitably inclined to realize tax benefits in 2018 and going forward.
For our Affordable Family Office clients, tax planning is a year-round activity. 2017 presented us with a unique tax planning opportunity, as we saw tax reform enacted in December. Broadly speaking, this tax reform will both limit deductions and reduce federal tax rates in 2018 & beyond.
The IRS has provided information on the latest tax scam to be on the lookout for.
1. What is your background as an accountant and what drew you to pursue a career as a CPA?
Tax day, (April 18th), for most of us has come and gone. D3 Financial Counselors’ staff completed 127 tax returns for our Affordable Family Office clients. Preparing these returns provides us the opportunity to witness the impact of the tax strategies we recommend in our client’s financial plans. In other words, we get to see the value these strategies generate by observing first-hand how they actually impact our client’s taxes. Below are examples of how we integrated after-tax wealth maximization with financial planning and portfolio management.
Sally P. Schreiber from the Journal of Accounting provided an interesting list of the top 12 tax scams led by phishing for 2017. Read more here.