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UPDATES&INSIGHTS: TAX – August 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:

Know a Teacher? Tell ‘Em About This Tax Break!

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This article explains how the educator expense deduction has changed under the Tax Cuts and Jobs Act. Read More

Consider the Flexibility of a Self-Directed IRA

Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in. But a drawback is that they limit investment choices. This article looks at an alternative: self-directed IRAs, which provide more flexibility in investment choices bust also come with a greater risk. Read More

Planning for the Net Investment Income Tax

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This article defines the NII tax and urges you to explore strategies for reducing it. Read More

Tax Documentation Retention Guidelines for Small Businesses

Most small business owners probably breathed a sigh of relief after filing their 2019 taxes. They’ll have a much easier time filing next year if their tax-related files are culled of clutter. This article provides general and business-specific guidelines for tax documentation retention. Read More