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The tax impact of the TCJA on estate planning

Submitted by Eck, Schafer & Punke, LLP on June 27th, 2018

The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years.

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2 tax law changes that may affect your business’s 401(k) plan

Submitted by Eck, Schafer & Punke, LLP on June 27th, 2018

When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions.

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Factor in state and local taxes when deciding where to live in retirement

Submitted by Eck, Schafer & Punke, LLP on June 8th, 2018

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.

Income, property and sales tax

Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes.

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What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Submitted by Eck, Schafer & Punke, LLP on June 8th, 2018

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

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Putting your child on your business’s payroll for the summer may make more tax sense than ever

Submitted by Eck, Schafer & Punke, LLP on May 31st, 2018

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).

How it works

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Saving tax on restricted stock awards with the Sec. 83(b) election

Submitted by Eck, Schafer & Punke, LLP on May 31st, 2018

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election.

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Sending your kids to day camp may provide a tax break

Submitted by Eck, Schafer & Punke, LLP on May 23rd, 2018

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!

Dollar-for-dollar savings

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The TCJA changes some rules for deducting pass-through business losses

Submitted by Eck, Schafer & Punke, LLP on May 23rd, 2018

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018.

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Be aware of the tax consequences before selling your home

Submitted by Eck, Schafer & Punke, LLP on May 18th, 2018

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences.

Home sale gain exclusion

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Can you deduct business travel when it’s combined with a vacation?

Submitted by Eck, Schafer & Punke, LLP on May 18th, 2018

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

General rules

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227 South 7th Street, Springfield, Illinois 62701 United States

227 South 7th Street
Springfield, Illinois
62701 United States

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