The tax reform bill that takes effect in 2018 contains significant provisions that impact nearly all of our clients. One such provision is that affecting the deductibility of unreimbursed employee business expenses such as business mileage, tools, equipment, and uniforms. In the past, these expenses have been treated as "miscellaneous itemized deductions" and deductible [...]
The tax reform bill that takes effect in 2018 contains significant provisions that impact nearly all of our clients. One such provision is that affecting the deductibility of home equity loan interest (second mortgages). In the past, interest paid on home equity loans has been fully deductible up to the first $100,000 of debt. [...]
The tax bill has finally cleared Congress. It contains significant changes that will affect our clients. Perhaps the most significant is a new 20% deduction for "pass-through income" from sole proprietorships, partnerships, and S corporations. This provision may result in significant tax savings for many clients, but its application is quite complicated. To help [...]
Open enrollment for health insurance on www.healthcare.gov begins on November 1. For coverage beginning January 1, 2018, you must select a policy and pay the first month's premium by December 15. The 2018 penalty for not having coverage is 2.5% of family income. (Contrary to popular belief, the penalty has not been abolished and [...]
Is Charleston the most undervalued U.S. city for housing costs? So says a new analysis from Smart Asset (www.smartasset.com). As quoted in today's Post and Courier, "We estimate, given the quality of life available in the Holy City, that home prices in the area should be around $294.40 per square foot. According to data [...]
We're starting to receive some calls about the Trump tax plan and what it means for our clients. The short answer is, we don't know. It is highly unlikley that the bullet-point plan that President Trump released will be enacted in anything like its current form, so we do not recommend that clients make [...]
Just an FYI for all the expats out there: the foreign bank account reporting "FBAR" (Form 114) is no longer due on June 30 as in past years. It is now due on the same date as your individual income tax return--so October 15 if you have filed for a six-month extension. [...]
The Associated Press has calculated each state's per-capita federal tax bill (federal income, payroll, and estate tax) using data from IRS and population estimates from the Census Bureau. The result shows that South Carolina residents pay $4,685 per-capita, among the lowest in the nation and explained by low per-capita income. The most heavily taxed? [...]
The Post and Courier reports that TechNet, a Washington-based innovation advocacy group, has released a "startup economy index" based on the proportion of job postings in a region that uses the word "startup." The Lowcountry ranks #25, which is fairly high given its size, and is on the same tier as cities like Houston and [...]
As a result of a federal holiday, taxpayers have until Monday, April 18, this year to file individual and calendar-year fiduciary income tax returns. As a reminder, an extension of time to file a return does not extend the due date for payment of any tax owed, so don't procrastinate if you think you [...]
