Newsletters

Tax Filing Reminders

October 1st 2017 calendar-year Form 1041 tax return for estates and trusts on extension is due October 15th 2017 calendar-year C corporation income tax return (Form 1120) on extension is due Individual income tax return on extension is due 2017 gift tax return (Form 709) is due 2017 FinCEN Form 114 Report of Foreign Bank and Financial Accounts is due

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Over 70 ½? Get a Tax Benefit from Contributions without Itemizing

It’s been estimated that the number of people who itemize will fall by more than half in 2018 because of changes made by the Tax Cuts and Jobs Act (TCJA). That’s bad news for many charitable givers, but those who are age 70½ or older can continue to gain a tax benefit from their charitable contributions even if they don’t itemize. The key is to make the gift by way of a qualified charitable distribution (QCD) to make annual contributions from an IRA and reduce distributions by a commensurate amount….

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20% QUALIFIED BUSINESS INCOME DEDUCTION UPDATE

New, anticipated guidance has been provided with the proposed regulations under IRC § 199A, taking effect in 2018.  The proposed regulations address application of IRC § 199A in terms of definitions, rules for aggregation of trades or businesses, rules for classifying specified service trades or businesses (SSTB), and specific parameters for limitations. To recap some of the basics, IRC § 199A allows for eligible taxpayers to receive a deduction of up to 20% of the combined business income of individuals with qualified business income (QBI) from a partnership, LLC, S…

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Oklahoma Changes to 2018 Income Tax

With all the emphasis on the many Federal tax changes for 2018, we also need to be aware of some changes related to your Oklahoma personal income tax return. For Federal purposes, personal exemptions were eliminated for 2018. However, Oklahoma will continue to allow personal and dependent exemptions of $1,000 per exemption. An additional exemption of $1,000 may be allowed for taxpayer or spouse who is blind at the close of the tax year. Oklahoma also allows an additional Oklahoma exemption of $1,000 for each taxpayer or spouse who is…

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