Tax Day: The Best Single Change to the Tax Code – Bloomberg

VERY INTERESTING READ The Tax Cuts and Jobs Act of 2017 left some Americans celebrating their gains, others decrying losses, and a good chunk of the nation unsure of what to think, actually. That’s to be expected – it will take time to understand the true impact of such sweeping changes. For Tax Day, we posed a simpler question to our columnists: What single change in tax policy would do the most good for the nation? They offered the following … Continued

The Ultimate 2019 Tax Planning Guide

  Tax reform ushered in major changes for the U.S. taxation system for the 2018 tax year, with the Tax Cuts and Jobs Act introducing new rates and brackets, expanded deductions and credits, and new limits on certain tax breaks. You probably had to do some pretty substantial tax planning to cut your tax bill due this spring, by taking full advantage of these adjustments. While the 2019 tax year is shaping up to be much quieter in terms of … Continued

You can give away up to $11 million and save on taxes

  Even as controversy heats up around the transfer of wealth from the real estate empire of the president’s father, Fred Trump, to his children, it’s getting much easier to gift millions of dollars — legally — to family. The Tax Cuts and Jobs Act raised the gift and estate tax exemption — also known as the unified credit — to $11.18 million per person in 2018, more than doubling the limit under the old tax law. This means that … Continued

Summer Newlyweds Should Also Think About Taxes

  Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation. The IRS has some tips to help in the planning: Report changes in: Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name … Continued

15 little-known life insurance tax facts | LifeHealthPro

  1. Can a taxpayer deduct interest paid on a loan to purchase or carry a life insurance, endowment, or annuity contract? Interest paid or accrued on indebtedness incurred to purchase or continue in effect a single premium life insurance, endowment, or annuity contract purchased after March 1, 1954, is not deductible. For this purpose, a single premium contract is defined as one on which substantially all the premiums are paid within four years from the date of purchase, or … Continued