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Category: Tax Cuts and Jobs Act

January 4, 2022

Close-Up on the Individual AMT

  The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you’ll owe the AMT for those years have been significantly reduced — and, if you still owe the AMT, you’ll probably owe less than under prior law. Are you at risk for this dreaded tax? Various factors make it difficult to pinpoint exactly who will be hit by the AMT. Here’s a summary… Read more ›

December 7, 2021

Section 1031 Exchanges for Real Estate are More Attractive than Ever

  Real estate investors often unload one property and replace it with another. But making an outright sale of an appreciated property results in a current tax hit. That’s unfortunate if you intend to use the sales proceeds to buy replacement property. The good news: Section 1031 of the Internal Revenue Code allows you to postpone your tax bill by arranging for a property exchange. With real estate prices up dramatically in many markets, the Section 1031 exchange strategy is… Read more ›

November 29, 2021

How Tax Reform Affects Divorce Settlements for Small Business Owners

  How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — to take a different approach to splitting assets and setting maintenance payments than under prior law. To illustrate, consider Pat and Chris, a hypothetical married couple who decided to file for divorce on Valentine’s Day 2019. Here’s an overview of several key issues they face. Business Tax Issues… Read more ›

November 29, 2021

Don’t Forget to Factor 2022 Cost-of-Living Adjustments into Your Year-End Tax Planning

  The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This… Read more ›

October 19, 2021

Debate Continues in Congress Over Proposed Tax Changes

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to a lesser extent, the BIB, contain a wide range of tax proposals that could affect individuals and businesses. It’s also unclear when the tax changes… Read more ›

May 7, 2021

The Biden Administration Proposes Far-reaching Tax Overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations. American Families Plan: Proposed tax changes for the wealthy The American Families… Read more ›

March 3, 2021

Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time

PDF: Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time Debora E. May, CPA, CFP®, CDFA®, Executive Vice President at Councilor, Buchanan & Mitchell, P.C., director of the firm’s divorce, litigation, wealth management and financial planning practice, and chief investment officer at May Barnhard Investments (MBI), the firm’s financial advisory subsidiary, has been recognized by Washingtonian Magazine as a top financial advisor in the Washington, DC metropolitan region. May has been recognized nine times by Washingtonian over the… Read more ›

December 6, 2020

Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses

PDF: Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses Please click the link above for a printable, PDF copy of the letter below.  We can all agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health… Read more ›

December 6, 2020

Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals

PDF: Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals Please click the link above for a printable, PDF copy of the letter below.  As the end of 2020 approaches, we can all agree that this year is unlike any other. The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impacts of the coronavirus pandemic, Congress passed two major pieces… Read more ›

November 30, 2020

What Do the 2021 Cost-of-Living Adjustment Numbers Mean for You?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds,… Read more ›