taxes folder

Alternative Minimum Tax

The tax law gives special treatment to certain kinds of income and allows special deductions for certain kinds of expenses. The AMT was designed to increase the tax bill of taxpayers who take undue advantage of these tax benefits to avoid significant tax liability. The basic mechanism by which the AMT accomplishes its objective is […]

tax checklist

Checklist of things to do before the end of 2018

There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that should be taken no later than Dec. 31, 2018 to save taxes: … Realize losses on stock while substantially preserving investment position, … Convert investment income taxable at regular rates […]

suv write-off

Faster write-off for heavy sport utility vehicles (SUVs)

Cars are subject to more restrictive rules than those that apply to other depreciable assets. The TCJA added additional increases.  If you place a vehicle in service in 2018, then the maximum deductions are $18,000 for year 1, including bonus of $10,000 $16,000 for year 2 $9,600 for year 3 $5,760 for every additional year […]

Giving Tax Friendly Gifts

As I illustrate below, taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion. The statutory exclusion amount ($10,000) is adjusted for inflation annually, using 1997 as the base year. The amount of the exclusion for 2017 is $14,000.  The amount of the exclusion […]

real estate professional

How to qualify as a real estate professional

How to qualify as a real estate professional: 1. First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business. 2. Second, more than 50% of the personal services you perform in all businesses during the year must be performed in real […]

stocks

Incentive stock options (ISOs)

Thee tax consequences to you of your company’s offer to grant you an incentive stock option (ISO) on its stock. The ISO gives you the right to buy 1,000 shares of the company’s stock at its fair market value (FMV) at the time of the ISO’s grant, which is expected to be about $100 per […]

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David DennisCertified CPA