by Paul K. Rudoy, CPA/PFS We are in a period of uncertainty with two tax bills proposed and nothing finalized. However, there are two items that every taxpayer should look at before year-end: state & local tax and charity. State and local tax deductions (SALT)The State and Local tax deduction is very likely going away. Therefore, if … Read more
by H2R CPA Team As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion gifts … Read more
by Paul K. Rudoy, CPA/PFS Based on what we know to date, taxpayers should look at accelerating deductions. Mortgage interest deductions are being proposed to be limited to $500,000 for new debt, property tax deductions limited to $10,000 and with the doubling of the standard deduction, taxpayers’ charitable and medical deductions may not save you … Read more