D’Arcangelo Blog

Year-End Business Tax Planning Tips

Under the Tax Cuts and Jobs Act (“TCJA”), equipment expensing permitted by Section 179 of the tax code was expanded. In 2018, your business can take a first-year deduction of up to $1 million worth of equipment purchases. You might buy, say, $400,000 worth of equipment and deduct $400,000 from your company’s profits this year.Continue reading →

Charitable Donations and Your Tax Return

More taxpayers are likely to take the standard deduction for 2018, rather than claim itemized deductions. Therefore, they’ll lose the tax benefits from their charitable contributions. Example 1: Art and Beth Dean are in their 40s and have paid off their home mortgage. They seldom have substantial unreimbursed medical expenses and typically contribute around $7,000Continue reading →

Sizing Up the Standard Deduction

Under the new, as well as prior, tax law, taxpayers can either take a standard deduction or itemize deductions on Schedule A of IRS Form 1040. Typically, tax preparation involves comparing the total of itemized deductions with the standard deduction and choosing the larger amount. Most people have used the standard deduction and that probablyContinue reading →

Buy-Write Strategies for a Flat Market

Up one month, down the next. The stock market this year has offered lots of excitement. As of this writing, broad market indexes have provided little sustenance for bulls or bears, with results not far from early 2018.

Life Insurance for More Than Cash Flow

Many people think of life insurance as a product for family protection. The life of one or two breadwinners is insured; in case of an untimely death, the insurance payout can help with raising children and maintaining the current lifestyle. Once the children are able to live independently and a surviving spouse is financially secure,Continue reading →

A Grain of SALT in New IRS Notice

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. As of 2018, the Tax Cuts and Jobs Act of 2017 changes that. 

Considerations for Buy-Sell Agreements

Among the trigger events of a small company buy-sell agreement, death of a co-owner typically is included.    Example 1: Wendy Young and Victor Thomas both own 50% of YT Corp. They have a buy-sell, which calls for Wendy to buy Victor’s interest in YT if he dies. Similarly, Victor will buy Wendy’s interest inContinue reading →

Education As A Small Business Fringe Benefit

Among the tax deduction opportunities that have vanished with the passing of the Tax Cuts and Jobs Act of 2017 are miscellaneous itemized deductions that exceed 2% of the taxpayer’s gross income. Such deductions included unreimbursed employee business expenses.

Forever G.I. Bill Extends Benefits to Family Members

When you think of the G.I. Bill, you probably recall reading about a program designed to help military veterans receive college educations after they left the armed forces following World War II. Somewhat less known is that the G.I. Bill has endured, in various forms, until present times.