October 2017

The IRS 2018 Inflation-Adjusted Tax Tables and Many Other Tax Provisions

On Thursday, the IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts (Rev. Proc. 2017-58). These provisions are used to file tax year 2018 returns in 2019. Most provisions are increasing for inflation in 2018, including …read more

With 2017 Extension Deadline Passed, All Eyes on 2018

Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018. Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations …read more

Gifts to Charity: Six Facts About Written Acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: Have a bank record or written communication from a charity for any monetary contributions. Get a written acknowledgment from the charity for any …read more

7 States with the Highest Income Tax

Many Americans, especially those who haven’t moved around much, are often surprised at the range of tax burdens there are across the United States. States with the highest property taxes, for example, have average rates that are more than four times that of the states with the lowest property taxes. Income taxes vary even more. On one …read more

Exploring the Estate Tax

This is the first installment of a two-part article on the federal estate tax. Part 1 discusses the unified federal estate and gift tax rules, the exemption amount, the definition of a gross estate, gifts made within three yearof death, estate valuation, and portability. The second part, to appear in the November JofA, covers estate tax planning techniques, …read more