Making stock sales less taxing

Patient investors generally have prospered over the long term. Nevertheless, there are many reasons for selling stocks. Knowing the basics can help improve your tax position. Selling shares held in a taxable account will trigger taxable capital gains or losses, unless...

Handling qualified charitable distributions

After the initial rush of filing for 2018 returns, many people will learn that they’re no longer itemizing deductions. The TCJA placed limits on some deductions and increased the standard deduction significantly, so most taxpayers are taking the standard deduction,...

IRS says business meal deductions still apply

The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation. However, the TCJA did not specifically turn thumbs up or down on the deductibility of business meal expenses. Example: Jim Morgan, who...

TJT Electronic Invoicing and Payment Options

TJT now offers electronic invoicing and payment options.  You can choose to receive your bill from TJT via email and then make the payment electronically as well if that is your preference.  To opt into electronic billing, please email Joette Crews at...

The New SALT Deduction Limits Will Affect Home Sales

The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a single or joint tax return. As a result, most...

More Give in the Gift Tax

The Tax Cuts and Jobs Act of 2017 increased the federal estate tax exemption to $11.18 million for 2018. That’s per person, so the combined exemption for a married couple can be as much as $22,360,000 worth of assets this year. The same ceilings apply to the federal...

Supreme Court Issues Major Online Sales Tax Ruling

Last week, the U.S. Supreme Court overturned a 1992 Supreme Court ruling (Quill v North Dakota) which held that businesses were not required to collect sales taxes unless they have a substantial connection to the state such as a physical presence in that state. This...