Good News! More Families May Be Eligible for the Child Credit in 2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017, made significant changes to the child credit. This credit is generally available to taxpayers with children under the age of 17, but the new law adds a new (smaller) credit for other dependents. Here are the details. Say Goodbye…
Workplace Retaliation: Reduce the Chances of a Claim
Retaliation is the most frequently alleged basis of discrimination in the federal sector and the most common discrimination finding in federal sector cases, according to the U.S. Equal Employment Opportunity Commission (EEOC). The laws enforced by the EEOC prohibit punishing job applicants or employees for asserting their rights to be free from employment discrimination including…
Taking Your Organization to the Next Level
They say “No Pain, No Gain,” and the expression applies to the life cycle of not-for-profit organizations, as well as athletes who hit the gym, tennis court or golf course on weekends. The point when the aches and growing pains of an organization begin are prompted less by age than by changes in leadership, size,…
Be Careful When Saving for Your Kids’ Education
Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. It’s because of the way the financial aid system treats different assets. Retirement plans and IRAs don’t count for college aid…
Bring Home a Tax Credit for Adoption
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2018, a tax credit of up to $13,840 for adoption of a special needs child can come in handy for qualified parents facing the daunting costs of adoption…
IRS Clarification: Home Equity Loan Interest May Still Be Deductible
The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The tax agency issued the clarification because there were questions and concerns that such expenses were no longer deductible under the Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017….
How the New Tax Law Affects Rental Real Estate Owners
Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. In general, rental property owners will enjoy lower ordinary income tax rates and other favorable changes to the tax brackets for 2018 through 2025. In addition, the new…
Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope
Let’s say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again! In IRS audits and in…
Close-Up on Mortgage Interest Deduction Rules
The Tax Cuts and Jobs Act (TCJA) imposes new limits on home mortgage interest deductions. Here’s how the changes could affect your tax situation. What Is Home Acquisition Indebtedness? Under the tax law, home acquisition debt is a mortgage taken out “to buy, build, or substantially improve a qualified home (your main or second home)….
Beefing Up Benefits as War for Talent Intensifies
In a tightening labor market, employers across the country are reporting that it’s becoming tougher and tougher to fill important job vacancies. In fact, some are seeking to improve their ability to compete for talent by shoring up their employee benefits. According to the Society for Human Resource Management 2015 Strategic Benefit Survey, recruiting workers…