Don't miss out: 9 things to consider before the clock strikes midnight on 12/31/17 Support an elderly relative: The Tax Cuts & Jobs Act (TCJA) is eliminating personal exemptions after 2017. If you have an elderly relative who has little or no income other than Social Security – a parent, a favorite aunt or uncle – make sure you meet the half-support test to qualify for a dependency exemption this year. For instance, if giving them and extra $1000 around the holidays will ens

Hey folks, For those of you in New York or with friends or family, here is an update about prepayment of your New York local taxes. A couple of days ago, Governor Cuomo signed an executive order allowing local taxing authorities in New York (you know, like Kings County, New York County, Westchester County, etc.) to process their 2018 property tax warrants (bills). Until the governor made this change, it was illegal for the counties to process their warrants (bills) before Apr

It’s true, the new tax bill will limit the amount of state income, sales and property tax that can be deducted to $10,000. Our clients have been calling to ask if there is a work around. Here’s the answer: Yes and No. And for the “yes” you will need to have the cash flow right now. Here’s what we know. For those who itemize on Schedule A (deduct more than the standard deduction) it could make sense to prepay what you can since these taxes are still fully deductible for the 20

What’s the current status of the tax overhaul bill? The Republican-controlled House and Senate reconciled their separate versions of the new tax bill on December 15, 2017. The House and Senate must each approve the reconciled bill, which will then be sent to the President for signature. It appears very likely that the new tax bill will be signed into law before the end of the year. THE NEW TAX LAW CHANGES WILL TAKE EFFECT AFTER 2017, AND WILL APPLY TO ACTIVITIES BEGINNING IN

We've done it. On this blog the Tax Nerds will take turns sharing information, ideas, and potentially, some deep thoughts. We want you to know what keeps the Tax Nerds curious and engaged in this changing environment. The format and style will continue to evolve as we cut our teeth on this new method (new to us) for communicating with all of you. As the proposed tax legislation makes its way through committee we will use this blog to update you and offer more detailed explan