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Gallati Professional Services
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Tax Reform 2.0 Is in the Works - Article Highlights: Tax Reform 2.0  House Ways and Means Committee  Talking Points  Prognosis  The dust has not yet settled from the Tax Cuts and Jobs Act (TCJA), passed into law in December 2017, and the House Ways and Means Committee is already considering another round of tax changes. The committee chair, Kevin Brady, Republican from Texas, wants to include input from stakeholders such as business groups, think tanks and other relevant organizations. Hist...
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Want To Cut The Taxes In Your Retirement Money? http://ow.ly/dsTz30lohf9
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Be sure to catch my next FaceBook Live event on August 16th at 5pm EST. In the spirit of back to school, I will discuss “Kids! And why they are awesome for tax savings.” Feel free to respond with any questions you have & I will address them in my video! http://ow.ly/c0la30loZz4 !
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IRS Regulations Clarify Business Pass-Through Deduction - Article Highlights: Trade or Business Definition Qualified Business Income Limitation Thresholds Specified Service Trade or Business Reputation or Skill Wage Limitation Proper Wage Allocation Qualified Property Depreciable Period Bonus Depreciation and Sec 179 Negative QBI and Carryovers Multiple Activities REITS and Publicly Traded Partnerships Anti-Cracking Provisions Some of the major provisions of last year's tax reform legislati...
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Do You Need to Renew Your ITIN? - Article Highlights: Over 2 Million ITINs Require Renewal  Failure to Renew Can Affect Tax Filings and Refunds in 2019 W-7  Family Renewal Option  Three Ways to Renew  Avoiding Common Mistakes  The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes to have a U.S. taxpay...
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States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction - Article Highlights: Four States Sue Federal Government  High-Tax States  Challenging the $10,000 Itemized Deduction for State and Local Taxes  Charitable Deduction Work-Around  Substance over Form  Proposed IRS Regulations to Counter Work-Arounds  Taxpayers Should Exercise Caution  Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal ite...
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If you missed my last Facebook Live video, no worries! You can catch up on all "My 3 Favorite Tax Reform Changes to Save You Money" here: http://ow.ly/1FV530lf1IA
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My 3 Favorite Tax Reform Changes to Save You Money - Welcome to Gallati Professional Service's second Facebook Live event! If you missed the live taping of our event on Facebook you can catch up every month here on the blog. On 'My 3 Favorite Tax Reform Changes to Save You Money' I discuss tax reform and how certain changes can be used to save you money throughout the year. Favorite Tax Reform Change #1: Lower Individual Tax Rates The Tax Cuts and Jobs Act is the biggest tax bill in 31 year...
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133,000 Injured Veterans Entitled to Tax Refunds - Article Highlights: Combat-Injured Veterans Tax Fairness Act  Disability Severance Payments  Department of Defense Notice  Standard Claim Amount  Filing a Claim  Lack of Documentation  As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum of $228 millio...
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Taxable Income But No Cash? What To Tell IRS. http://ow.ly/qMtM30l6rRW
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