Newsletters
Over 70 ½? Get a Tax Benefit from Contributions without Itemizing
Posted September 2018
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.
20% QUALIFIED BUSINESS INCOME DEDUCTION UPDATE
Posted September 2018
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.
Oklahoma Changes to 2018 Income Tax
Posted September 2018
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.