Advance Monthly Payments of Child Tax Credit Start July 15 

A summer perk is coming to millions of American families. Under the American Rescue Plan Act that passed in March of 2021, the Child Tax Credit (CTC) amount has increased. Additionally, the federal government will be prepaying a portion of this credit in 2021. The IRS has announced that the first direct monthly payments of [...]

2021-07-13T16:04:40-05:00May 27th, 2021|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

Tax Benefits of Student Loan Repayment

For years, news headlines have been rife with the catchphrases “student loan epidemic” and “student debt crisis.” Unfortunately, these expressions are not hyperbolic; tuition costs continue to rise each year, and federal subsidies are not keeping pace. As a result, students must pay more every year to attend college. Taxpayers are taking years and even [...]

2018-12-05T15:04:51-06:00December 4th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

Estate and Gift Tax Changes from Tax Reform – Sweet as Honey

Tax Reform has made a significant impact on estate planning—and the changes are as sweet as honey. The most buzz-worthy, amongst the swarm of differences, is the increase in the lifetime exemption amount, which doubled under Tax Reform. Something to Hum About Under previous law, the lifetime exemption was $5 million adjusted for inflation, meaning [...]

2018-11-12T15:43:06-06:00February 13th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

Understanding Tax Reform’s New Pass-Through Entity Deduction

As many business owners might tell you, there are times when business income and individual income can feel like two parallel universes co-existing in the cosmos. While they are closely related, passing through income from one to the other can seem as complicated as space travel itself. Lucky for you, recent changes within the Tax [...]

3 Controversial Tax Reform Topics Impacting Individual Tax Returns

There are many new interesting aspects in the Tax Reform that may tug on individual taxpayers’ wallets. Here are highlights of three main areas potentially dividing dollars. 1. Alimony One area that seems to be falling under the radar is the impact on divorce settlements. For divorce or separation agreements executed after December 31, 2018, [...]

2018-11-12T15:43:27-06:00January 4th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

New Year, New Rules for Itemized Deductions

According to 2015 IRS statistics, approximately 30% of all taxpayers itemize their deductions. And with Tax Reform affecting many areas of the Tax Code, Schedule A and itemized deductions are no exception. If you have itemized deductions previously, or are considering future itemization, below are some of the significant changes and considerations when deciding what [...]

2018-11-12T15:43:28-06:00January 4th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

5 Financial Planning Areas to Address Under New Tax Laws

Level Four Perspective: A Tax Reform look from our wealth management portfolio company in the CRI Family of Companies. Once the new Tax Reform bill appeared to be heading toward passage, the Level Four offices were flooded with calls from clients and their advisers asking for help understanding the impact to their bottom lines. Let’s [...]

2019-07-24T13:11:14-05:00December 28th, 2017|TAX REFORM: INDIVIDUAL TAX|