Internships are an excellent opportunity for students to get real-world work experience and for employers to get help with special projects and recruiting potential employees for the future. But what do you know about compensating interns? (more…)
October 9, 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.
October 2, 2018
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA didn’t change long-term capital gains rates, it did change the tax brackets for long-term capital gains and qualified dividends.
Last year, President Trump signed into law a sweeping $1.5 trillion tax reform bill. Residents of high-tax states, like New York, could possibly be most affected by the changes, which included reducing the federal tax deduction for state and local taxes. As IRS data indicates, New Yorkers take the highest deduction, averaging $21,038.02 in state and local tax (SALT) deductions. Come April, that’s money that will be owed to the government. So, it’s not surprising that some residents have considered leaving the state as a solution to avoid a tax increase.