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Lareau and Lareau CPA's PA
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Big Changes to the Kiddie Tax - Article Highlight: Prior Law New Law Earned Income Unearned Income Fiduciary Rates Strategies Years ago, to prevent parents from transferring their investment accounts into their children's name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents' higher tax bracket and shifting it to their children's lower tax bracket. The kiddie tax plugged that tax loophole by taxing the c...
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Good and Bad News About The Home Office Tax Deduction - Article Highlights: Home Office  Qualifications  Actual-Expense Method  Simplified Method  Income Limitation  Employee Deduction  “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for a wholesale or retail business for which the home is the only fixed location); as a day care c...
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So Long To The Tax Deduction For Investment Expenses - Article Highlights: Itemized Deduction  Net Investment Income  Investment Interest Deduction  Surtax On Net Investment Income  Retirement Account Fees  Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer deductible. This also means IRA and other typ...
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Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone! - Article Highlights: Conversion Timing  Why Convert?  When to Convert?  Issues to Consider Before Making the Decision  Roth IRA accounts provide the benefits of tax-free accumulation and, once you reach retirement age, tax-free distributions. This is the reason why so many taxpayers are converting their traditional IRA account to a Roth IRA. However, to do so, you must generally pay tax on the on the converte...
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Tax Reform Suspends the Tax Deduction for Employee Business Expenses - Article Highlights: Employee Business Expenses  Miscellaneous Itemized Deductions Subject to the 2% AGI Floor  Accountable Reimbursement Plan  Occupations Impacted  Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were employees were able to deduct expenses related t...
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Preparing for Taxes for 2018 and Beyond - Article Highlights: Increase In Standard Deduction  Loss of Personal Exemptions  Changes to Itemized Deductions  Bunching Strategy  Employee Business Expenses  Business Expensing  20% Flow-through Income Deduction  Change in Treatment of Alimony  Casualty Losses, Home Equity Interest and Moving No Longer Deductible  Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and thos...
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Divorce and the New Tax Law Brings a Plethora of Tax Planning Decisions - Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Medical Insurance Earned-Income Tax Credit Alimony If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have...
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Solar Tax Credit - The Dark Side - Article Highlights: Solar Promotions  Solar Tax Credit  Nonrefundable Credit  Financing Costs  Solar Credit Phase-out  Leasing a Solar System  There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30% federal tax credit. What isn’t included in the ads - and something most potential buyers are unaware of - is that ...
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Why It Might be Time for Your Small Business to Migrate to Cloud Accounting - Cloud accounting is a big idea that brings with it a lot of lofty implications, but if you had to distill all of that down to its bare essentials it would probably look at lot like this: Right now, if you want to manage the financial side of your small business, you probably have to be in your office to do so. You have to be sitting in front of a very specific computer, because that's where you installed your acco...
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Don't Toss Those Tax Records Yet! - Article Highlights: Reasons to Keep Records  Statute of Limitations  Maintaining Record of Asset Basis  Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in case the IRS or a state agency decides to question the information on your tax returns or (2) to keep track of the tax basis of your capita...
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