I really thought this was a problem for which few folks were paying attention.
Continue reading Hmm. Is that student loan really forgiven?
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Hmm. Is that student loan really forgiven?
Tag Archives: state taxes
This Workaround could kill the SALT limitation
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
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Pandemic Surprises
I know many of you have been reading my series on “We’re all startups now” (that started on Monday), thinking only businesses have been affected by the pandemic. Oh, sure, the pandemic just made you work from home- or, worse yet, left you furloughed.. But, you thought that’s about the total affect on your life from the pandemic.
Continue reading Pandemic Surprises
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It’s time to rethink your corporate structure
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
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State Audits
Why would a state tax bureau audit you?
Well, one of the easiest ways to get your … in a sling is to file federal taxes and omit sending in your state taxes. But, I assume you and your tax preparer (because WE would NEVER do that) are smart enough to realize that is a profoundly dumb idea.
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