Category: Individual Tax

Deducting Volunteering Expenses:  My parents are avid motorcycle riders. It is literally all they do. As soon as the snow melts, those bikes are out, and they will ride as late into the fall as the weather allows, regardless of the temperature, until ice and snow prohibit o...

The decision to work after “normal” retirement age is one that more and more of us are facing these days and for a variety of reasons. Here at BB we are asked the “should I retire question” frequently as more of our clients are facing possible retirement. We counsel ...

Considering a Gift to a Relative or Charity?  If you want to make gifts to favorite relatives or charities, a great strategy to consider is gifting stocks or mutual funds. Let’s review some solid principles to use while gifting equities. Don’t give away loss positions ...

You have a child! Congratulations! Start saving for their education since it comes sooner than you think.  The “parenting time continuum” is baffling: it feels like your child will never sleep through the night, yet education costs come knocking at your door all to soon...

The new tax law increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. That being said; the law also increased the standard deduction, in fact it almost doubled. The higher standard deduction along with the capp...

The new federal tax law reduces the limit on home acquisition debt to $750,000. For married taxpayers filing separately, the debt limit is halved to $375,000. In addition the law generally disallows home equity debt interest. Although, home equity interest paid on home equit...

Under the Tax Cut and Jobs Act certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due t...

People have been sharing their homes for ages, but it has become much more popular with the rise of the sharing economy and the recent coining of the phrase “House Hacking,” which describes renting out extra rooms in your home, or renting part of a multi-family home whil...

Are meals and entertainment expenses still deductible under the 2018 tax bill?  The Tax Cuts and Jobs Act (TCJA) brings with it many changes in the taxation of businesses and individuals, including a change in the tax deductibility of meals and entertainment (M&E) expenses....