by Joel Roettger | Dec 21, 2017 | Estate Planning, Tax
Starting in 2018, 529 plans can be used to pay tuition expenses for elementary and secondary schools, thanks to the Tax Cuts and Jobs Act. From the conference report: The [agreement] modifies section 529 plans to allow such plans to distribute not more than $10,000 in...
by Joel Roettger | Dec 21, 2017 | Tax
Under the tax bill formerly known as the Tax Cuts and Jobs Act, the individual mandate has not been repealed, it has just been told to stand quietly in the corner in 2019. Or, if you prefer, it has been frozen in ice so that it can be thawed out to wreak havoc later....
by Teresa Klenk | Dec 20, 2017 | Tax
The tax bill formerly known as the Tax Cuts and Jobs Acts adds new Section 199A, the Qualified Business Deduction. Here is what you need to know. Who Qualifies for the new Section 199A Qualified Business Deduction? Any taxpayer (other than a corporation) that is...
by Joel Roettger | Dec 20, 2017 | Charitable, Charitable Organizations, Estate Planning, Tax
The Tax Cuts and Jobs Act includes three provisions related to charitable giving. First, for gifts of cash to public charities (as opposed to nonoperating private foundations) the bill increases the amount that a taxpayer can deduct in any one year. Currently, donors...
by Joel Roettger | Dec 19, 2017 | Charitable Organizations, Tax
Despite efforts by the House, the Tax Cuts and Jobs Act does NOT scale back the Johnson Amendment.This is the rule that prevents 501(c)(3) organizations–public charities and private foundations–from advocating for the election or defeat of a candidate for...
