Posts from Mitch Estling
Proceeds from an Easement or Right-of-Way
When you hear someone talk about building new pipelines or wind turbines, they often refer to securing an easement or a right-of-way. Farmers and ranchers are increasingly receiving easement, or right-of-way payments for expanded roadways, pipelines, wind turbines, electrical towers and similar permanent improvements that have a permanent impact on the use of their property.
Did You Know: Filing for an Extension Can Be a Good Idea?
With less than a week to go to meet the April 17 tax deadline, there are some circumstances where you may want to consider hitting pause rather than rushing through your tax return preparation.
Did You Know: There Are Common Tax Return Pitfalls to Avoid?
It is very common for people to get stressed when they think about filing their taxes which can make it easier to make mistakes or make a person more prone to make poor decisions which can compound stress even further. There are some common pitfalls people should avoid when doing their taxes:
Did You Know: Tax Scams Are More Prevalent Than Ever?
The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. Here are some of the more common ways scammers are contacting people:
The Kiddie Tax Rates Have Changed with the Tax Reform Law?
A child’s investment income in excess of $2,100 for both 2017 and 2018 continues to be subject to what is called the “kiddie tax.” But, the way the investment income is taxed has changed.
Did You Know: The Federal Exemption for Estate Tax Doubled with Tax Reform?
Higher exclusions may tempt some individuals to overlook estate tax planning, resulting in missed potential opportunities. It could be a mistake to over-simplify your estate plan in reaction to the new law.
Did You Know: The Corporate AMT and DPAD are Dead, but Research Tax Credits Live On?
With DPAD going away, the Research Tax Credit is now more valuable given reduction of the corporate tax rate from 35% to 21%.
Did You Know: The Availability of the Cash Method of Accounting Expanded for Small Businesses?
Beginning in 2018, the average annual gross receipts threshold for businesses to use the cash method increases from $5 million to $25 million.
Did You Know: You May Want to Change Your W-4 for 2018?
On January 29, 2018, the IRS issued Notice 2018-14 to provide additional federal income tax withholding guidance pending the release of the 2018 Form W-4. The IRS is currently revising Form W-4 to reflect changes made by the Tax Cuts and Jobs Act affecting individual taxpayers.
DID YOU KNOW? – The Tax Cuts and Jobs Act introduces a net operating loss (NOL) income limitation
The TCJA introduces a limitation on the amount of NOLs that a corporation may deduct in a single tax year equal to the lesser of the available NOL carryover or 80% of a taxpayer’s pre-NOL deduction taxable income (the “80% limitation”).