Use your Required Minimum Distributions to Make Charitable Contributions A client walks into our office and says, “I’m glad Congress raised the standard deduction but I’m not getting the benefit of a tax break anymore for giving to my church and I’d really like to keep making charitable contributions to them.” After handing him a […]
Standard Deduction and Personal Exemption Changes
Standard Deduction and Personal Exemptions Changes Standard Deduction Taxpayers may reduce their adjusted gross income (AGI) by the standard deduction (or sum of itemized deductions) to determine their taxable income. Under the previous law (for 2017 earnings, which you filed in 2018,) the standard deduction rates were: $13,000 for married individuals filing jointly and surviving […]
2018 Back-to-School Sales Tax Holiday
Back to School Tax Holiday It’s almost that time again; the dreaded back-to-school shopping time. Good news! We have something that might make back-to-school shopping more bearable. Florida has a back-to-school tax holiday from August 3rd to August 5th – sales tax will not apply for the following items. For more information and terms, please […]
Changes to Alimony Under the New Tax Bill
Alimony is No Longer Deductible After December 31, 2018 Divorce is often a sensitive topic. While we hope you never have to go through one, we want to ensure you are aware of the tax implications involved with the new tax laws and help you plan accordingly should divorce be inevitable. Under the new tax […]