Category: Income Tax

Gift Tax Exemption: Plan Today for Upcoming Changes

  Please click the link below to see important information on gift and estate tax law changes. https://www.pagnatokarp.com/irs-announces-no-clawback-of-gift-tax-exemption/

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Tax Act Changes Affecting Real Estate

By now, you have been bombarded with summaries and articles on the 507-page tax bill, formerly known as the “Tax Cuts and Jobs Act” of 2017, and signed into law…

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Tax Bill – More Observations on Individual Changes

In the few days remaining to manipulate your 2017 income tax liability, keep in mind the following additional points raised in the tax bill that was just signed by the…

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Tax Bill – More on the New 20% Pass-Through Deduction

As I noted in a prior blog post, the new tax bill (TCJA) creates new Code Section 199A that provides for a 20% deduction for the non-wage portion of pass-through income. NOTE:…

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Tax Bill – More Individual Planning

The tax bill (TCJA) repeals the deduction for personal exemptions. It increases the standard deductions for single filers to $12,000 and for married joint filers to $24,000. These changes sunset after 2025 (i.e.,…

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Tax Bill-Individual Rates and Planning

The current seven individual tax rate brackets are modified under the new Tax Bill to be 10%, 12%, 22%, 24%, 32%, 35%, and 37% effective January 1, 2018. This provision is set…

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Tax Bill Passes Senate; Great News for Real Estate Developers

By a slim margin of 51-48, the Senate passed the tax reform bill on December 19th. Included among the provisions is a hidden benefit for real estate developers. The bill…

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House Passes Tax Bill!

The U.S. House of Representatives on Tuesday approved a nearly $1.5 trillion bill that would deliver deep and permanent tax cuts for corporations and lower rates for most American households…

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Senate Finance Committee Passes Tax Reform

On November 16, the Senate Finance Committee approved its version of tax reform. While more changes to the Senate version are expected, there are several key differences between the Finance…

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House Passes H.R. 1 – Tax Reform Bill

The House of Representatives today passed its tax bill (H.R. 1) by a 227-203 vote. The bill sets a permanent 20 percent corporate tax rate, doubles the estate and generation skipping…

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