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With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may [...]

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 [...]

As posted to the Naomi Brockwell You Tube Channel on 2/10/18 Naomi Brockwell sits down with Dr. Ron Paul at the recent Satoshi Roundtable in Cancun to discuss the importance of  cryptocurrency.  Dr. Paul has championed the concept of having a currency that the government can't control long before the advent of cryptocurrencies.  He references [...]

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by [...]

As posted by Thomson Reuters on 2/12/18 On 2/9/18, Congress passed, and the President signed into law, H.R. 1892, the "Bipartisan Budget Act of 2018" (the Budget Act). In addition to providing a continuing resolution to fund the federal government through 3/23/18, this 2-year budget contains a host of tax law changes. The Budget Act [...]

As posted by Thomson Reuters on 1/23/18 Enacted on 12/22/17, the Tax Cuts and Jobs Act (TCJA) added §199A, which applies to tax years 2018-2025. Under this new provision, individuals, estates, and trusts may deduct up to 20% of their Qualified Business Income (QBI) from sole proprietorships (including farms) and pass-through entities. This means that [...]

As posted to the Harry S. Dent, Jr. You Tube Channel on 1/26/18 https://youtu.be/_NyXg2egGds Harry Dent takes a look back at what we saw play out in 2017 . . . and uses his trademark "cycle analysis" to look ahead to what 2018 will have in store for the markets, currencies and industries across the [...]

Some insurance companies offer employee dishonesty coverage to protect businesses against loss of money and property due to criminal acts by employees. This can be valuable protection. But before you buy a policy, it’s important to understand what you’re getting. What it does In addition to covering businesses against theft of money, property and securities, [...]

The IRS began accepting 2017 income tax returns on 1/29/18. You may be more concerned about the 4/17/18 filing deadline, or even the extended deadline of 10/15/18 (if you file for an extension by 4/17/18). After all, why go through the hassle of filing your return earlier than you have to? But it can be [...]

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses [...]

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. [...]

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same. It also makes some adjustments to the income ranges each bracket covers. For example, the 2017 top [...]

"Monetary History Repeats Over and Over Again Echoing Back to the Beginnings of Civilization" As posted to the GoldSilver YouTube Channel on 8/13/2013 In this, the second installment of the popular "Hidden Secrets of Money" docu-series, Mike Maloney travels to Greece to learn when, where and why currency became money. Also revealed is one of the most predictable long [...]