The Newsroom
Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
Multistate Resident? Watch Out for Double Taxation
Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in …
Multistate Resident? Watch Out for Double Taxation Read More »
Installment Sales: A Viable Option for Transferring Assets
Are you considering transferring real estate, a family business, or other assets you expect to appreciate dramatically in the future? If so, an installment sale may be a viable option. Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. Giving Away vs. Selling …
Installment Sales: A Viable Option for Transferring Assets Read More »
Laying the Groundwork for Your 2018 Tax Return
The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals. Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. Personal Exemptions For 2018 through 2025, the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements …
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