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UPDATES&INSIGHTS: TAX – April 2019

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Are Income Taxes Taking a Bite Out of Your Trusts?

Anyone whose estate plan includes one or more trusts should review them before filing an income tax return. And those who have already filed should look carefully at how their trusts were affected. This article explains that trusts can be subject to the highest tax rates and suggests three ways to soften the blow. Read More

Business vs. Hobby: The Tax Rules have Changed

The tax implications of earning money from an activity will vary depending on whether it is considered a hobby or business by the IRS. And the rules recently changed under the Tax Cuts and Jobs Act. This article reviews the hobby vs. business distinction and explains what’s new. Read More

Running Your Personal Finances Like a Business

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at one’s financial situation this way to determine where to cut expenses and boost cash flow. This article provides some tips, including creating a personal net worth statement and practicing risk management. Read More

Small Business Owners Should Double-Check Their Tax Returns

Now more than ever, small business owners need to double-check their tax returns before filing. Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. This brief article notes some important revisions. Read More