The countdown to Tax Day has begun! The deadline for filing your 2017 individual income tax return this year is Tuesday, April 17, 2018. Drawbacks to a Filing Extension Before you file for an extension, be aware of three potential pitfalls: 1. Underpayment penalties. You still must pay your estimated tax liability for 2017 by… Continue reading

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