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On December 31, 1970, Paul McCartney filed suit against Apple Corps, the Beatles’ partnership, and the rest of the Beatles to release himself from any legal obligations imposed on him as a member of the partnership and band. Inspired by these events, George Harrison released a song called “The Sue Me Sue You Blues” in 1973.
Several states, including New York, and Donald Trump have composed their own version of the “The Sue Me Sue You Blues” in the summer of 2019.
Interest on Home Equity Loans Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.
Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.
The $10,000 SALT Limit and the Rental Real Estate
Under the recently enacted Tax Cuts and Jobs Act, State And Local Tax (SALT) deductions are limited to $10,000. How does this affect the individual taxpayer?
QUESTION: Are SALT payments made on my rental real estate subject to the $10,000 cap?
ANSWER: Generally, under the old law, all SALT payments were deductible. However, the new law caps deductible SALT at an aggregate of $10,000 for individual taxpayers.
OF SALT, TAXES AND MORTGAGES…
Do you pay State and Local Taxes (SALT)? If you live in any of New York, California, New Jersey, Connecticut, or any other of the so-called high-tax states, you likely pay more than the national average in SALT. Prior to 2018, you were allowed to itemize all of your SALT payments on your federal tax returns. However, the recently passed law, the Tax Cuts and Jobs Act, curbs the deductibility and otherwise affects you disproportionately, compared with the rest of the country. The changes to the deduction of State and Local Taxes (SALT) on federal tax returns are generally as follows
This blog will address the tax consequences of both leased and owned vehicles used for business purposes. Hopefully, it will offer some insight into the decision as to what is best for your business: buying or leasing?
With both owned and leased cars, any related expenses may be deducted using the standard mileage rate or the total amount of actual expenses. If the vehicle is owned, you may choose the standard mileage rate in the first year and switch to the actual expense method in a later tax year. If a vehicle is leased, you may also choose the standard mileage rate in the first year but once you the standard mileage rate is chosen, it must be used for the life of the lease.
Many business owners rely on transportation to achieve the goals and purposes of their business. A car purchased for use in a business has certain tax advantages for the owner. However, many business owners are now leasing cars for business use. More Americans lease autos than ever before because of attractive monthly costs and the ability to change cars frequently to keep up with new technology and safety features. But what’s better for your business, an owned or leased car?
7 Deadly Tax Sins
When it comes to the IRS, some bad acts are worse than others. We have compiled below the top ones to avoid at all costs. However, if you should find yourself in the middle of one, you should certainly call tax attorneys to get you out of the bad situation (yes, it is a bad situation).
Here are some answers to frequently asked questions relating to the tax consequences for individuals participating in a same-sex marriage.
*When are individuals of the same sex lawfully married for federal tax purposes?
For federal tax purposes, state or foreign law determines whether individuals are married.
*Can same-sex spouses file federal tax returns using a married filing jointly or married filing separately status? Yes.