Bet you don’t remember this!
Those Trump Tax Cuts (Tax Cut and Jobs Act. They weren’t permanently endowed. No, those provisions expire at the end of the calendar year 2025.
Continue reading Changes Coming
Y’all recall when I told you that the SALT limitation imposed by the GOP would not stand for long. And, no, I didn’t say that meant that the limitation would be repealed.
Continue reading SALT Limitation Eroded
I haven’t written about how the states were handling the SALT (State and Local Tax) Limitations imposed by the Tax Cut and Jobs Act (TCJA) in a while.
The IRS has thrown in the towel.
But, I’m guessing that’s only because the 2020 elections have removed the hand on the scales of justice. After all, the TCJA (Tax Cut and Jobs Act [sic]) of 2017 was clearly formulated to poison the atmosphere in the Blue States. Because they provided services and better educational opportunities than do the Red States, which is why their state tax bills are higher. So, limiting state/local/property tax deductions to $ 10,000 was the GOP way of sticking it to the states where Democrats are in the majority. (Note further that these states are generally the more populous ones.)
Continue reading This Workaround could kill the SALT limitation
Agreement- at least in modern day America- comes slowly, if at all.
Of course, when one party takes it upon itself to harm citizens of states that vote for their counterpart, it becomes even more evident why such problems exist.
Continue reading Tax Relief- IF you are a company owner
I’ve told you all many times that the rules have changed significantly with the passage of the Tax Cut and Jobs Act (TCJA). For example, for decades, we’ve avoided setting up C Corporations for our clients, because of the double taxation whammy. But, now with the maximum (and minimum) tax rate of 21%- and the personal limitation on SALT (state and local taxes) at $ 10,000, it’s past time to reconsider our old rule of thumb.
Continue reading It’s time to rethink your corporate structure
Yes, it’s tax season.
Which means many of you will be cursing under your breath again at the TCJA (Tax Cut and Jobs Act, sic- it was a tax cut for the rich with NO jobs whatsoever). Why? Because one of the hallmarks of this act was the virtual elimination of itemizing on one’s taxes. Sure, the architects of this cornucopia of blessing for big business and the 1%-ers claim that it makes your tax filing easier. (So does the very old joke as demonstrated by the IRS “form” below.)
Continue reading Tax Relief. If you live in New Jersey.
With the tax season mostly done now, I noticed a problem that needed an IRS fix.
You all know by now that SALT (state, local, and property taxes) have been limited under the Tax Cut and Jobs Act to a maximum deductibility of $ 10K. The GOP wanted to penalize those states under Democratic Party management, where SALT is usually higher, because better services are provided their citizenry.
Continue reading Did someone drop the ball?
OK. You all know that we are now living under a new tax law (PL115-97, aka Tax Cuts and Jobs Act). One with a purported “much” higher standard deduction, which means fewer folks will be able to (or have to) itemize.
Continue reading Yeah. A Postcard.
Do you guys remember when I told you that some Blue States were going to create their own version of tax chicanery to deal with the GOP onslaught on their finances? (We are talking about that $10,000 maximum SALT – state and local taxes- deduction limit.)
Continue reading Blue State Revenge?
