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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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OF SALT, TAXES & MORTGAGES…

Leave a comment Deductions, Donald J. Trump, Expenses Deductions, Filing Status, Form 1040, Income, Income Tax, Income Tax Return, Itemized Deductions, Local Income Tax, Married Filing Jointly, Married Filing Separately, New York Income Tax, New York Property Tax, New York State Tax, News, State & Local Taxes, Tax Cut and Jobs Act, Tax Legislation, Tax News, Taxable Income

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

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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.

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Answers to FAQs for Individuals of the Same Sex Who Are Married Under State Law

Leave a comment Itemized Deductions, Married Filing Jointly, Married Filing Separately, Standard Deductions

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.

  • For tax year 2013 and going forward, same-sex spouses generally must file using a married filing separately or jointly filing status.
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