Qualified Charitable Distributions Still Provide Tax Benefits Under the TCJA

LFL Veritas Blog: RMD Charitable Distribution Qualified Charitable Distributions Still Provide Tax Benefits Under the TCJA Under the Tax Cuts and Jobs Act (TCJA), standard deductions were doubled to $12,200 for single individuals and $24,400 for married couples. The TCJA also eliminated miscellaneous itemized deductions while restricting deductions for state and local income taxes and […]

LFL Veritas Blog: Tax Planning for Individuals

LFL Veritas Blog: End-of-Year Tax Planning for Individuals Does It Still Pay to Itemize Under the TCJA? One of the biggest changes to the tax code under the Tax Cuts and Jobs Act of 2017 is the increase in the standard deduction. The standard deduction has increased as follows: Single: $12,000 (up from $6,350) Married […]

Business Depreciation Under the TCJA, Part 1: Bonus Depreciation

LFL Veritas Blog: Depreciation Under TCJA Part 1 Business Depreciation Under the TCJA, Part 1: Bonus Depreciation The rules and limitations for two methods used by businesses for expensing fixed assets – bonus depreciation and Section 179 expensing – changed significantly when the Tax Cuts and Jobs Act (TCJA) of 2017 was passed. There […]