Newsletters

Tax Filing Reminders

December 17th Due date for calendar-year corporations to pay the fourth installment of 2018 estimated income tax December 31st Deadline to complete 2017 tax-free gifts up to $15,000 per recipient January 15th Due date for the fourth installment of 2018 individual estimated tax January 31st Due date for employers to furnish W-2 statements to employees, and to file Forms W-2 with the Social Security Administration (both paper and electronic forms) Due date for payers to provide most Forms 1099-MISC with non-employee compensation in box 7 to recipients and to the…

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Deductible alimony—for pre-2019 divorces

As you may have heard, for alimony under divorce or separation instruments executed after Dec. 31, 2018, the alimony deduction doesn’t apply, and alimony and separate maintenance payments aren’t deductible by the payor spouse. The alimony is also not included in income of the spouse. The changing tax law will change the negotiations in a divorce settlement. If you have a divorce or separation instruments that can be executed before Jan. 1, 2019, the payor spouse may continue to deduct alimony or separate maintenance that meets all the requirements of…

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TCJA eliminates the ACA “individual mandate” starting in 2019

Starting in 2019, the Tax Cuts and Jobs Act (TCJA) has eliminated the shared responsibility payment, more commonly known as the “individual mandate,” that penalizes individuals who are not covered by a health care plan that provides at least minimum essential coverage, as outlined in the Affordable Care Act of 2010 (ACA). Since this penalty is only eliminated starting in 2019, you still need to take account of it on your 2018 income tax return. For individuals who do not have the required health coverage in 2018, the minimum annual…

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LAST-MINUTE YEAR-END 2018 TAX-SAVING MOVES FOR INDIVIDUALS

Although there are only a few weeks left to go before the year ends, it’s not too late to implement some planning moves that can improve your tax situation for 2018 and beyond. A few ideas for actions to take before Dec. 31 to improve overall tax picture: Make HSA contributions. An individual is treated as having been eligible for the entire year regardless of the actual date of eligibility in 2018 and can therefore make a full year’s deductible-above-the-line contribution for 2018. The maximum contribution/deduction is $3,450 for individual…

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