News Articles

06

December

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7 last-minute tax-saving tips

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses … Continued

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27

November

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Why you may want to accelerate your property tax payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. … Continued

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20

November

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Make the holidays bright for you and your loved ones with annual exclusion gifts

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 before year end can … Continued

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06

November

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U.S. House Bill Released

The U.S. House bill has been released. The proposed Tax Cuts and Jobs Act would retain a 39.6% tax bracket for married couples with income of more than $1 million annually. The corporate tax rate would be cut from 35% to 20% and there would be a 25% “pass-through” business rate. The estate tax would … Continued

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06

November

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Preparing for FASB’s New Credit Loss Model

Much like winter, preparing for the current expected credit loss (CECL) is looming. As sure as winter will be here any day now, CECL will become effective in 2020 or 2021 (depending on the institutions characteristics). This may seem far off for some of you, but a plan needs to be put in place now … Continued

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