Tax aspect of a parent entering a nursing home

Tax aspect of a parent entering a nursing home.  Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 10% of adjusted gross income in 2017 (7.5% in 2018). Qualified long-term care services are necessary […]

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 […]

The “kiddie tax”

Save taxes by transferring assets into your children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie tax” rules impose substantial limitations on […]

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