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First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here’s what you need to… Continue reading →

It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider. 1. Choose to Deduct State and Local Sales Taxes If you live in a jurisdiction with low or no personal income tax or… 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 →

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 →

Denise A. Harlan, CPA, and Principal at Schroedel, Scullin & Bestic, LLC in Canfield has been named to the Board of Directors of Salem Regional Medical Center. She has over 26 years of public accounting experience with expertise in the areas of consulting, financial and tax services for a variety of industries, as well as employee… Continue reading →

Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you’ll incur a taxable gain, which lowers the amount available to spend on the replacement property. But you may be able to defer your tax bill (or even make it disappear) with a… Continue reading →

The federal self-employment (SE) tax just keeps going higher and higher. If you’ve reached the breaking point, there may be a way to tame the SE tax beast by converting your existing unincorporated small business into an S corporation. Of Course, there Are Caveats Potential audit target. The IRS is aware of the strategy of… Continue reading →

When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here’s what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it… Continue reading →