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Personal & Family Taxes Posts

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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Tax record retention guidelines for individuals

May 02, 2018 by ORW Staff

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now.

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Individual tax calendar: Important deadlines for the remainder of 2018

May 02, 2018 by ORW Staff

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of.

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Can you claim your elderly parent as a dependent on your tax return?

March 27, 2018 by ORW Staff

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.

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Casualty losses can provide a 2017 deduction, but rules tighten for 2018

March 14, 2018 by ORW Staff

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.

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Size of charitable deductions depends on many factors

March 07, 2018 by ORW Staff

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct.

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Tax deduction for moving costs: 2017 vs. 2018

February 21, 2018 by ORW Staff

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions.

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Families with college students may save tax on their 2017 returns with one of these breaks

February 13, 2018 by ORW Staff

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return.

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TCJA temporarily lowers medical expense deduction threshold

February 06, 2018 by ORW Staff

There’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

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State and local sales tax deduction remains, but subject to a new limit

February 01, 2018 by ORW Staff

For 2018 through 2025, the Tax Cuts and Jobs Act imposes a new limit on the state and local tax deduction. Will you benefit from the sales tax deduction on your 2017 or 2018 tax return?

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2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

January 30, 2018 by ORW Staff

Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses.

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Can you deduct home office expenses?

January 23, 2018 by ORW Staff

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.

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Personal exemptions and standard deductions and tax credits, oh my!

January 16, 2018 by ORW Staff

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down.

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Don’t be a victim of tax identity theft: File your 2017 return early

January 09, 2018 by ORW Staff

Filing your taxes as close to January 29th may help reduce your risk of tax identity theft.

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