ALERT 2-16-18: Re-think general ledger accounts due to changes in the deductibility of entertainment expenses in 2018. by Gregory S. Dowell The new tax act (Tax Cuts and Jobs Act) was passed so late in December that very few business owners have had the opportunity to absorb some of the impacts. One of the changes…
by Gregory S. Dowell January 11, 2018 If you are so fortunate as to receive an inheritance from a relative or friend who has passed away, it is important to understand the income tax implications. Most individuals have this experience at best once or twice in their lives, and this is understandably a unique issue…
by Gregory S. Dowell On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (P.L. 115-97), a sweeping tax reform law that will entirely change the tax landscape. This article describes the Act’s changes that would affect individuals, including the new rates and brackets, the increased standard deduction and elimination…
Gregory S. Dowell December 28, 2018 The Tax Cuts and Jobs Act (the Act) has made changes to the tax treatment of alimony. These changes take effect for divorce agreements and legal separation agreements executed after 2018. Under the current rules, an individual who pays alimony or separate maintenance may deduct an amount equal to…
Gregory S. Dowell December 28, 2017 A new tax deduction was included in the recently passed tax law, the Tax Cuts and Jobs Act (the Act), that will take effect in 2018. While the law is very new and is still being studied, it appears that this provision should provide a substantial tax benefit…
By Gary Lasker The Internal Revenue Service has issued the 2018 optional standard mileage rates. Starting January 1, 2018, the standard mileage rate for the use of a car, van, pickup, or panel truck will be 54.5 cents per business mile. The portion of the business standard mileage rate that is treated as depreciation will…
by Gregory S. Dowell December 15, 2017 If you’re an employee who “telecommutes”-that is, you work at home, and communicate with your employer mainly by telephone, e-mail, fax, electronic data transfer, express mail services, etc., you should know about the strict rules that govern whether you can deduct your home office expenses. You may deduct…
by Gregory S. Dowell December 14, 2017 As addressed in our year-end newsletter that was emailed to clients (and mailed to those for whom we did not email addresses), it looks like tax reform will include some limitation on the amount of state income taxes and real estate taxes that can be deducted in 2018. …
by Gregory S. Dowell December 8, 2017 The following letter was prepared and distributed to clients and friends of Dowell Group, LLP. The letter discusses individual and business tax planning ideas that may be appropriate in certain situations. This does not represent tax advice, as every situation must be considered on its own merits. We…
Given the ever-escalating cost of providing employee health care benefits, there are more cost-effective methods of providing these benefits; namely, a health savings account (HSA). For eligible individuals, HSAs offer a tax-favorable way to set aside funds (or have their employer do so) to meet future medical needs. Here are the key tax-related elements: contributions…