New Tax Deduction for Pass-Through Entities

The Tax Cuts and Jobs Act of 2017 (TCJA) contains a new tax benefit, providing taxpayers with a deduction of up to 20% of qualified business income (QBI) from a qualified trade or business that is operated as a sole proprietorship, partnership, S-corporation, estate or trust.  As the highlighted portion of this definition suggests, the […]

The new tax law will change divorce tactics

When couples divorce, financial negotiations often involve alimony.  The tax laws regarding alimony were dramatically changed by the Tax Cuts and Jobs Act (TCJA) of 2017, but existing agreements have been grandfathered.  In addition, the old rules remain in effect for divorce and separation agreements executed during 2018.  Next year, the rules will change, and […]

IRS okays home equity deductions

The Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt beginning in 2018.  Under the previous law, you could deduct interest paid on a maximum of $100,000 in debt borrowed against home equity, no matter how the funds were used.  The old rule is scheduled to […]