If you have incurred at least $20,000 in undergraduate and/or graduate student loan debt, you may be eligible for a Maryland tax credit.
By now, most taxpayers are aware of some of the basics of the Tax Cuts and Jobs Act, including the decrease in individual and corporate tax rates and increase in standard deductions. But there are some aspects of the new law that haven’t gotten nearly as much attention. That’s why we’re going to reveal ten things you might not know about the tax law, but should.
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December is the time of year when many taxpayers take last-minute steps to lower their income tax liability. This year, however, year-end tax planning is proving to be difficult. As taxpayers think about dotting their I’s and crossing their T’s as 2017 comes to a rapid close, there is one big item up in the air: a major tax reform bill. The Senate just approved the most comprehensive tax reform proposal in 30 years, and we’re now waiting for the House and Senate versions of the bill to be reconciled before going to President Trump’s desk to be signed into law. While the changes brought about by the tax reform bill are not expected to apply to the 2017 tax year, there are provisions in the bill that make certain year-end tax planning strategies for 2017 especially important. Let’s take a look at several steps you can take now to take advantage of current tax laws, and position yourself for the changes that are coming down the pipeline.
The Trump administration, through Treasury Secretary Steve Mnuchin and U.S. National Economic Director Gary Cohen, recently provided a brief outline of the much-anticipated tax reform and relief proposals it intends to pursue later this year. Although Secretary Mnuchin described the plan as “the biggest tax cut and the largest tax reform in the history of our country,” and said it would have a significant impact on how businesses and individuals pay their taxes, the plan is, well, short on actual details. Let’s look at what’s been proposed for individuals and businesses. Many of these proposals call for dramatic tax cuts for individuals and businesses, and are reminiscent of concepts promoted by Trump’s presidential campaign.
Tax season is here and the scammers are at it again. Taxpayers have lost millions of dollars and sensitive personal information to a variety of tax scams in recent years.
Business owners and executives pour their hearts and souls into building a successful company. Often their hard work and dedication pays off, quite literally, with the sale of the business to a publicly traded company. Those corporate executives and their families end up with the majority of their wealth tied up in a single asset – the stock of a publicly traded company. While the wealth you accumulate from the stock can be substantial, a concentrated stock position presents several problems, namely, that there is risk associated with tying all of your wealth to a single company. Sure, you can sell the stock, but this can result in a big tax liability. So what do you do?