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The tax man gives and the tax man takes away. Or, more accurately said, Congress does so. Certainly, this is true as it pertains to charitable giving and the effect on same of the tax reform occurring in recent times. Here is a look at some of the provisions of the Tax Cut and Jobs Act (TCJA) and how they affect those with charitable intentions from a tax standpoint. Perhaps the change that potentially affects ...

You may never have thought of it like this, but in some ways, a family is much like a team in sports. On a successful team, teammates have clear identifiable goals, a plan to achieve those goals, and all ideally are working and pulling in the same direction to that end. Successful families are the same. This is true with regard to the values a family holds dear and certainly is true with regard to ...

Most business owners want to know how they can deduct vehicle costs against their business income. As they should, since when a car or truck is legitimately used for business purposes, the costs associated with that use is a deductible ordinary and necessary business expense, including potential depreciation deductions. The problem is, while they want the benefit of the deduction, most do NOT want to follow the strict rules for substantiating such expense and commonly ...

If you are in business, you may have heard the 2017 tax reform law scuttlebutt about a new deduction called the qualified business income deduction (or 199A deduction). This provision allows up to a 20% deduction of qualified business income (QBI) from pass-through entities such as partnerships and S corporations (but not C corporations), as well as for the self-employed, from 2018 through 2025. Needless to say, a potential 20% deduction is substantial, so there ...

Just a few weeks back, the IRS announced that refunds on early tax returns that had been filed through February 15 were running an average of $2,640, or about 16 percent smaller than the same time in 2018. This was contrary to what many were expecting, since they thought that under tax reform that kicked in last year, they were getting a tax cut and refunds would actually be larger. Oh, the weeping and gnashing ...

As it does every year during filing season, the IRS released its annual list of the Dirty Dozen tax scams, updated for the 2019 filing season. It is probably not a big surprise that for the third year in a row, one of the top scams is phishing attempts. Phone scams also continue to be huge, with the fiends making threatening phone calls to innocent taxpayers. Without further ado, here is the IRS's list of ...

Have you gotten caught up in the KonMari craze (i.e, "Tidying Up with Marie Kondo" on Netflix)? Anyone else feels just a tad bit inadequate after watching that show? In case you aren't aware of the show, in each episode, so-called organizing expert Marie Kondo helps clients clear out clutter in their lives with her KonMari method. Watching what happens is enough to make even the most ardent neat freak feel like a slob! But ...

Pretty much everyone who is even aware that "tax reform" occurred with the passage of the Tax Cuts and Jobs Act (TCJA) at the end of 2017 probably knows that it reduced most tax rates and expanded a few other tax benefits. But many seem to not know (or have forgotten) that TCJA also limited, if not eliminated, a number of itemized deductions that have been big tax savers for many individual taxpayers. Here are ...

It's a fact - Baby Boomers, like myself, are retiring or facing retirement in huge numbers. Retirement is also staring Gen X'ers squarely in the face, especially those born in the 1960s. It is also a fact that time has a way of getting rapidly away from us, and one day we wake up, having had the best of intentions for years to save for this approaching day, only to find that we have put ...

With the onset of the tax season (and yes, even with the recent partial government shutdown, the IRS expects you to file on time) comes the annual onslaught of the various types of Form 1099. Among others, you have Form 1099-INT for interest income, 1099-DIV for dividend income, 1099-B for sales of securities and the dreaded 1099-MISC, which reports such income as rents received or nonemployee compensation. Generally speaking, businesses must send out 1099s to ...

Partners of EGP, PLLC announce the acquisition of the Jesse G. Griffin, CPA LTD tax and accounting practice of Little Rock, AR.  The Griffin tax practice has served individuals and businesses in various industries, with a strong focus on farming and agriculture, for decades. Leading the acquisition and head of serving these new clients is Todd Brown, CPA, Partner at EGP, PLLC. Brown, along with other members of our firm, have extensive experience working with ...

Embedded in last year's tax reform bill was a new and unique provision that to this point has not received the attention it deserves; the creation of "Opportunity Zones" and the ability to defer or even completely avoid some capital gain taxes when investments are made in a so-called "Qualified Opportunity Fund' (QOF). This new law allows you to defer paying tax on current capital gains realized from the sale of assets such as real ...

If you are a business owner, you still have time to significantly reduce your 2018 tax bill. Here are six year-end moves to ponder, including some from changes that were part of 2017's tax reform. 1. Claim 100% Bonus Depreciation for Asset Purchases 100% first-year bonus depreciation is available for qualified new and now also, thanks to tax reform, used property that is acquired and placed in service in the calendar year 2018. That means ...

Retirement InSight #4 Why Take On Debt To Help Your Kids with College? An unsettling trend is emerging among pre-retirees and retirees. Parents are picking up a greater share of college education costs, and in doing so, they may risk damaging their retirement prospects. A new analysis of higher education debt patterns by SavingforCollege.com finds that the average college loan debt shouldered by parents rose approximately 6% this year, topping $35,000. College is so expensive ...

Arkansans are known as a generous lot! We care about each other, and most people I know will sacrifice to help others in need. That is one of the things I love about my native state! Of course, there are many avenues for helping others, but today I want to encourage you to "give where you live". Ok, since that is in quotes, it obviously is not original with me. "Give Where You Live" is, ...