The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018 through 2025. Here’s important information that homeowners should know about the new limitation. Thinking about… Continue reading

Attempts at cyber wire transfer fraud have surged in recent months. Cyber criminals request wire transfers in emails purporting to be from senior corporate executives or business suppliers who regularly request payments. The best way to safeguard against these attempts is to implement internal controls, educate your employees on safe practices and routinely review these… Continue reading

Congress enacted the so-called “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA). Trust and Estate Tax Rates for 2018 Use the following tax rates to compute… Continue reading

Schroedel, Scullin & Bestic, CPAs and Strategic Advisors (SSB) realized growth in 2017 as a result of the demand for tax, business valuation and specialty consulting services. This trend is expected to continue in 2018 with the passage of the latest tax reform and a healthy economy. The Tax Cuts and Jobs Act of 2017… Continue reading

The new tax reform law — commonly referred to as the “Tax Cuts and Jobs Act” (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things… Continue reading

Do your kids (or grandkids) have a smartphone? On average, American children receive their first smartphone at the age of 10, according to a recent study by market research firm Influence Central. Smartphone Use Is Up Market research firm Influence Central recently published its 2016 Digital Trends Study. These five findings show how kids are… Continue reading

As year end approaches, you may be thinking about making some charitable donations. Here’s a rundown of the potential tax breaks for your generosity. Donating Clothing and Household Items When it comes to your old clothes, furniture, linens, electronics, appliances, and the like, the general rule is that you can claim deductions only for items… Continue reading