…Benefits and New Tax Incentives New Tax Law: What you need to know Do your 2017 investments qualify for the Virginia Qualified Equity and Subordinated Debt Credit? Individual Tax Planning:…
…taxes paid to other states, also for taxable years 2021 through 2025. The Virginia Department of Taxation issued Tax Bulletin 22-6, which provides additional information regarding this entity level tax…
…implications for sales and use taxes. While not the main focus, the decision may also have substantial implications for income taxes. Wayfair Sales Tax The Wayfair decision by the U.S….
…The tax return will include the income of both spouses on one return. The combined tax on a married filing joint tax return is generally more than the combined tax…
…for tax year 2025, as in tax year 2024 and preceding, to tax year 2018. The limitation on itemized deductions was eliminated by the Tax Cuts and Jobs Act of…
…tax rate would be increased from 37% to 39.6% effective for tax years beginning after 2021. The new rates would apply to taxable income over $450,000 for married filing joint…
…few discretionary planning methods left to help reduce their tax liability. Charitable Contributions: Bunching into One Tax Year Beginning with tax year 2018, the Tax Cuts and Jobs Act (TCJA)…
…use tax reporting requirements and then seeking payment of use tax from the customers. Use Tax Rules The rules for use tax are very similar to sales tax, other than…
Due date for federal estate tax portability election extended With the current federal estate tax exemption of $12.06 million per individual as of January 1, 2022, taxpayers with estates less…
…child tax credit (CTC) exceeds the taxpayer’s tax liability, the taxpayer is eligible for a refundable credit equal to 15% percent of so much of the taxpayer’s taxable earned income…
…start their new career and prepare to file their own tax returns. Eight tax considerations for recent college graduates 1. Tax due dates Meeting annual tax deadlines is important to…
…Tax Changes for Trusts Surtax on Non-Grantor Trust Similar to the surtax provisions discussed above, a 5% surtax would apply to the adjusted gross income of non-grantor trusts in excess…