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Personal & Family Taxes Posts

Time for NQDC plan deferral elections

November 08, 2018 by ORW Staff

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation.

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Donate appreciated stock for twice the tax benefits

October 30, 2018 by ORW Staff

But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

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The tax deduction ins and outs of donating artwork to charity

October 15, 2018 by ORW Staff

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property.

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You might save tax if your vacation home qualifies as a rental property

October 02, 2018 by ORW Staff

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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Back-to-school time means a tax break for teachers

September 01, 2018 by ORW Staff

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

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Play your tax cards right with gambling wins and losses

August 21, 2018 by ORW Staff

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

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Keep an eye out for extenders legislation

August 16, 2018 by ORW Staff

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important.

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The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

August 10, 2018 by ORW Staff

Before the Tax Cuts and Jobs Act (TCJA), you could undo a Roth IRA conversion using a “recharacterization.” Effective with 2018 conversions, the TCJA prohibits recharacterizations — permanently. But if you executed a conversion in 2017, you may still be able to undo it.

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Do you still need to worry about the AMT?

August 08, 2018 by ORW Staff

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Why the “kiddie tax” is more dangerous than ever

August 01, 2018 by ORW Staff

Now, under the Tax Cuts and Jobs Act (TCJA), the kiddie tax has become more dangerous than ever.

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3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

July 20, 2018 by ORW Staff

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies.

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What you can deduct when volunteering

July 13, 2018 by ORW Staff

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

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Home green home: Save tax by saving energy

July 05, 2018 by ORW Staff

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Do you know the ABCs of HSAs, FSAs and HRAs?

June 28, 2018 by ORW Staff

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts.

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Consider the tax advantages of investing in qualified small business stock

June 19, 2018 by ORW Staff

Finding ways to defer or minimize taxes on investments is still important. One way to do that — and diversify your portfolio, too — is to invest in qualified small business (QSB) stock.

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The tax impact of the TCJA on estate planning

June 13, 2018 by ORW Staff

Factoring taxes into your estate planning is still important.

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Factor in state and local taxes when deciding where to live in retirement

June 05, 2018 by ORW Staff

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.

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Saving tax on restricted stock awards with the Sec. 83(b) election

May 29, 2018 by ORW Staff

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex

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Sending your kids to day camp may provide a tax break

May 23, 2018 by ORW Staff

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!

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Get started on 2018 tax planning now!

May 02, 2018 by ORW Staff

But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.

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