Tax

opportunity zones Virginia tax benefits

Deferring Capital Gains: VA Opportunity Zones Investments

What is an Opportunity Zone? The Federal Tax Cuts & Jobs Act of 2017 (TCJA) which passed December 2017 included new provisions to increase the economic growth in communities across the United States that were labeled as “opportunity zones.” According to the IRS, an opportunity zone is classified as an economically-distressed community where new investments,…

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Financial To-Do

Year-End Tax and Financial To-Do List for Individuals

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or…

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2019 Q1 Tax Calendar

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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child tax

Advising the Millennial Part V: Taxes for Soon-to-be (and Current!) Parents

Parenthood is an adventure.  It is challenging, exciting, fulfilling and – sometimes – stressful.  This is the second of two articles that address tax issues parents often encounter.  Our first article covered parents’ filing status change, income exclusions, some deductions, household employee requirements, and tax return filing for children.  This article covers tax credits parents…

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parents taxes baby

Advising the Millennial Part IV: Taxes for Soon-to-be (and Current!) Parents

One of the most exciting (and nerve-wracking) times of your life is having a child.  The uncertainty, anxiety and stress associated with planning for that special date can be overwhelming, and then they start to grow up!  Like all the wonderful and challenging moments that come with parenting, there are a variety of tax implications…

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tax tips

November/December 2018 Tax Tips

Should you donate your car to charity? Donating an old car to a qualified charity may seem like a hassle-free way to dispose of an unneeded vehicle, satisfy your philanthropic desires and enjoy a tax deduction (provided you itemize). But in most cases, it’s not the most tax-efficient strategy. Generally, your deduction is limited to…

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catch-up contributions advantageous TCJA mature couple

Catch-Up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions…

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GST Tax

GST Tax Exemption Has Increased, But Not Permanently

One change affecting estate plans under the Tax Cuts and Jobs Act is that, for the estates of persons dying after December 31, 2017, and before January 1, 2026, the generation-skipping transfer (GST) tax exemption amounts increase to an inflation-adjusted $10 million, or $20 million for married couples with proper planning ($11.18 million and $22.36 million, respectively, for 2018).

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mutual funds

Mutual Funds: Handle with Care at Year-End

As we approach the end of 2018, it’s a good idea to review the mutual funds holding in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.…

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virtual currency bitcoin tax

Got Bitcoin? Understand Your Tax Obligations

The tax treatment of bitcoin and other “virtual currencies” — also known as “cryptocurrencies” — is widely misunderstood. But if you invest in virtual currency, use it to pay for goods or services, or receive it as payment for goods or services, failure to understand your tax obligations can have serious consequences. On the IRS’s…

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