Tax Tip Tuesday: IRS Tips for Charitable Giving
Giving Tuesday is an annual event celebrated the week after Thanksgiving to kick off the season of charitable giving. Taxpayers making donations may be able to deduct them on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Exempt Organizations Select Check on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings. Here are four facts a
Tax Tip Tuesday: What Is the Status of Tax Reform in Congress?
The most popular question we get right now is: what is the status of tax reform in Congress? On November 16th, the House approved H.R. 1, the Tax Cuts and Jobs Act, by a vote of 227-205. Late on November 16th, the Senate Finance Committee completed the markup of its tax reform plan and approved the plan. The full Senate is expected to take up the tax reform plan after Thanksgiving. There are very significant differences between the two bills as of right now. The Senate versi
Tax Tip Tuesday: Inflation Adjusted Tax Changes for 2018
Today we will address some inflation adjusted tax changes for 2018. For gifts made and estates of decedents dying in 2018, the exclusion amount will be $5,600,000 up from $5,490,000 in 2017. For gifts made in 2018, the gift tax annual exclusion will be $15,000 up from $14,000 in 2017. For 2018, the credit allowed for an adoption of a child with special needs will be $13,840, which is up from $13,570 for 2017. The maximum credit allowed for other adoptions will be the amount o
