IRS NEWS Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act […]
Filing late can be a frustrating process. You may be unsure of any penalties and interest that may be applied from filing late. These penalties and interest may be abated if you take the proper steps with the tax authorities. IRS Rules The IRS may provide administrative relief from a penalty that would otherwise be […]
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 […]
Retirement is an event that often triggers one’s desire to review his estate plan. Even if you’re are not ready for a full-scale review, retirement may directly affect certain elements of your estate plan and require that those be looked at in light of the changed circumstances. Review existing arrangements for disposition of the business […]
