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Friday, 3 July

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“Innocent spouses” may get relief from tax liability

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 13, 2019 / No comments

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes

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The tax implications of being a winner

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 6, 2019 / No comments

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported

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Summer: A good time to review your investments

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 5, 2019 / No comments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the

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IRS wheels out additional guidance on company cars

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted June 3, 2019 / No comments

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role

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IRS updates rules for personal use of employer-provided vehicles

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs

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Make health care decisions while you’re healthy

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 9, 2019 / No comments

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is

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Check on your refund — and find out why the IRS might not send it

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 7, 2019 / No comments

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may take longer — and in rare cases, refunds might

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What type of expenses can’t be written off by your business?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 6, 2019 / No comments

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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Does your estate plan include a formula funding clause?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 2, 2019 / No comments

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples). If you’re married and

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Plug in tax savings for electric vehicles

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted April 30, 2019 / No comments

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where

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