AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

January 29, 2018 Shamsey Oloko 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

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.

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Take Advantage Of Your Employer’s Health Flexible Spending Arrangement (FSA) In 2017!

July 10, 2017 Shamsey Oloko Leave a comment Health Expenses, Medical Expenses

Late in 2016, the Internal Revenue Service released an announcement to remind eligible employees to commence their tax planning to take full advantage of their employer’s health flexible spending account, also known as a flexible spending arrangement (FSA), during 2017. A qualified tax professional may offer complete assistance to any working taxpayer fortunate enough to have access to an FSA. Employers are not required to offer FSAs. Thus, interested employees should consult with their employer for more information.

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The Most Overlooked Tax Deductions, Part 4

August 16, 2016 Shamsey Oloko Leave a comment Charitable Contributions, Child and Dependent Care Credit, Child Tax Credit, Deductions, Health Expenses

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the fourth part of our multi-part blog on the most overlooked tax deductions:

HEALTH, CHILD CARE, AND CHARITY DEDUCTIONS

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Taxes And Medical Expenses

July 22, 2016 Shamsey Oloko Leave a comment Deductions, Expenses Deductions, Health Expenses, Income, Medical Expenses, Qualified Disability Expenses, Taxable Income

Taxpayers that itemize personal deductions instead of claiming the standard deduction may deduct qualifying medical expenses to the extent that such expenses exceed 10 percent of adjusted gross income (“AGI”). Taxpayers that are 65 years or older, or turned 65 during the tax year, may deduct unreimbursed medical care expenses that exceed 7.5% of AGI. This threshold amount remains at 7.5% of adjusted gross income for these taxpayers until Dec. 31, 2016. I.R.C. §213(f).

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