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CLE Presentation by Shamsey Oloko

Leave a comment Business Expense, Business Expenses, Business Tax Credits, Capital Gains, Capital Losses, Charitable Contributions, Charitable Organization, Child and Dependent Care Credit, Child and Dependent Care Creidt, Child Support, Child Tax Credit, Corporate Tax, Deductions, Dependents, Donald J. Trump, Education 529 Plans, Estate Tax, Filing Status, Form 1040, Gains & Losses, Home Equity Loans, Income, Income Exclusions, Income Tax, Income Tax Return, Independent Contractor, Interest Income, Internal Revenue Code, Internal Revenue Service, Itemized Deductions, Job Search Expenses, Married Filing Jointly, Married Filing Separately, Medical Expenses, Miscellaneous Expenses, Mortgage Interest Deduction, Moving Expenses, New York Income Tax, New York Property Tax, New York Sales Tax, New York State Tax, New York State Tax Law, News, Profits & Losses, S Corporations, Sales Tax, Schedule A, Standard Deductions, State & Local Taxes, State Sales Tax, Tax Cut and Jobs Act, Taxable Income, THORGOOD Law Firm

NBA CLE Presentation June 2018

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AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

Leave a comment Affordable Care Act, Alimony deduction, Alternative Minimum Tax (AMT), Business Expenses, Capital Gains, Capital Losses, Charitable Contributions, Child and Dependent Care Credit, Child and Dependent Care Creidt, Child Tax Credit, Deductions, Dependents, Donald J. Trump, Education 529 Plans, Education Expenses, Estate Tax, Filing Status, Form 1040, Gains & Losses, Health Expenses, Income, Income Exclusions, Income Tax, Income Tax Return, Internal Revenue Code, Internal Revenue Service, Local Income Tax, Long-Term Capital Gain, Married Filing Jointly, Married Filing Separately, Medical Expenses, Miscellaneous Expenses, Mortgage Interest Deduction, News, Ordinary and Necessary Expenses, Sales Tax, Schedule A, Standard Deductions, State & Local Taxes, State Sales Tax, Tax Credit, Tax Cut and Jobs Act, Tax Legislation, Tax News, Taxable Income, THORGOOD Law Firm
Know the Tax Code: IRC § 501

January 2018

 

AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

On December 22, 2017, after much, well-publicized legislative skirmishes, President Donald Trump signed into law H.R. 1, otherwise known as the “Tax Cuts and Jobs Act.”   Provisions affecting individuals are generally effective beginning December 31, 2017 and expire on December 31, 2025.  Most business-related provisions are permanent and are effective beginning December 31, 2017.

This new law is, by all accounts, the most significant revisions to the U.S. tax code since 1986, affecting almost all individual and business taxpayers.   Our firm’s general assessment of the new law will therefore be a two-part series: this first part covers changes to individual taxpayers, and the second part will cover changes to business taxpayers.

This is a preview of AN ANALYSIS OF THE TAX CUTS AND JOBS ACT. Read the full post (1267 words, estimated 5:04 mins reading time)

Tax Benefits of Supporting Your Parents

Leave a comment Child and Dependent Care Credit, Child and Dependent Care Creidt, Civil Liabilities, Civil Penalties, Criminal Liabilities, Deductions, Expenses Deductions, Filing Status, Income, Income Tax, Income Tax Return, Medical Expenses

Did you know you could be responsible for your parents’ unpaid bills? Ever heard of Filial Responsibility Laws?  Well, these are laws obligating you to provide financial support for your indigent parents.  Yes, obligated under law.  According to the National Center for Policy Analysis, 21 states across the country (including states like Connecticut, New Jersey and Massachusetts) allow for a civil action to obtain financial support for indigent parents.   At least 12 states may impose criminal penalties on children who refuse to support their parents.  Though rarely enforced, these laws may be dusted off by states looking to save money on Medicaid bills.

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Who Claims The Kids On Their Taxes, And Other Ways Divorce May Affect Your Taxes

Leave a comment Capital Gains, Child and Dependent Care Credit, Child and Dependent Care Creidt, Child Support, Child Tax Credit, Deductions, Education 529 Plans, Education Tax Credit, Filing Status, Income Tax, Representation, Tax Credit

Divorcing couples often wonder who claims the children on their taxes, and in what other ways divorce will affect their taxes. Questions may include which filing status to use after the divorce, and how payments for spousal maintenance and child support to an ex-spouse are treated for tax purposes. Also, inquiries about what happens to assets like the family residence are obviously frequently common.

Filing Status

This is a preview of Who Claims The Kids On Their Taxes, And Other Ways Divorce May Affect Your Taxes. Read the full post (844 words, 1 image, estimated 3:23 mins reading time)

FEDERAL TAX IMPLICATIONS FOR SAME-SEX COUPLES MARRIED UNDER STATE LAWS

Leave a comment Adoption Credit, Child and Dependent Care Creidt, Child Tax Credit, Defense of Marriage Act, DOMA, Earned Income Tax Credit (EITC), Education Tax Credit, Estate Tax, Filing Status, Marriage Equality Act, Tax Credit

In June of 2013, the U.S. Supreme Court held in U.S. v.  Windsor that provisions of the Defense of Marriage Act (DOMA) were unconstitutional. Prior to this ruling, Section 3 of DOMA required that, for purposes of federal enactments, marriage be defined as the union of one man and one woman and the word spouse be defined as someone of the opposite-sex who is a husband or wife.

This is a preview of FEDERAL TAX IMPLICATIONS FOR SAME-SEX COUPLES MARRIED UNDER STATE LAWS. Read the full post (919 words, 1 image, estimated 3:41 mins reading time)
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