Tag Archive for Steven Schechter

New Provision Allows More Tax-Free Savings With 529 Plans For Education Expenses

One small provision in the final tax reform bill could impact the way people save for the education expenses of their children and grandchildren using 529 Plans.

The new law allows greater amounts of tax-free savings than what’s permitted in a Coverdell Savings account—and the funds can be used for the same expenses. This creates an opportunity to shelter additional investment portfolio income from taxes by expanding the type of expenses that are eligible for reimbursement using 529 account funds. Read More

Written by | Posted in 529 Plans

New Law Includes A Mixed Bag Of Benefits And Limits To Tax Breaks For Businesses

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, will broadly impact businesses of all sizes.

The bill significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. And it makes major changes related to the taxation of foreign income.

You may even be able to utilize some enhancements on your 2017 tax return. Read More

Written by | Posted in 2018 Tax Law • Tax Cuts and Jobs Act

Take Advantage Of Higher Tax Rates—Before It’s Too Late

On December 2, 2017, the Senate passed the Tax Cuts and Jobs Act, a sweeping tax reform bill that seeks to reduce tax rates for corporations and individuals following a strategy outlined in our previous Alert. A similar tax bill was passed by the House of Representatives on November 16, 2017. The White House and Congressional leadership plan to have a unified tax reform bill ready for the president to sign into law before the Christmas holiday. Read More

Written by | Posted in 2017 Tax Bill • Tax Cuts and Jobs Act