Q. I heard that under tax reform there were changes to the standard deductions and itemized deductions. Can you tell me more about that? For many taxpayers the changes to standard deduction is great news! The amount increased to $24,000 for married f...

As an employer, you must pay Federal Unemployment Tax Act (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end u...

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-40 (Section 958(b)(4)) and proposed regulations that provide relief to certain U.S. persons that own stock in certain foreign corporations. This is to address the problems created by th...

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual...

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final mat...

With most of the changes from the Tax Cuts and Jobs Act having gone into effect last year, many taxpayers faced some surprises when they filed their 2018 income tax returns. To save the most, you need to be familiar with the changes and how you may n...

We all know the cost of college is expensive. The latest figures from the College Board show the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-fo...

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the Internal Revenue Service (IRS) on a quarterly basis. The third 2019 estimated tax payment dead...