Tips for Coping With the Changes in the Tax Code
- 6 years ago
Tips for Coping With the Changes in the Tax Code
Triggers for higher taxes include:
■ Itemized deductions for high state and local taxes, which will be limited to $10,000 in 2018;
■ Complex financial situations like owning a business,
■ A large number of personal exemptions.
Barbara Weltman, a tax lawyer in Vero Beach, Fla., said
that under the new rules for 2018, employees can no longer deduct unreimbursed business expenses like business use of a car or a home office.
Julian Block, a tax lawyer in Larchmont, N. Y., said
that if you realize that you face higher taxes for 2018, fill out a new Form W-4 with your employer to increase withholding.
and lawyer in New York who is a special consultant to the accounting firm Citrin Cooperman, recently conducted
a workshop on the impact of the new tax act for the New York State Society of Certified Public Accountants.
Ms. Welch, a certified public accountant, pointed out
that many taxpayers will be affected not only by the law that Congress passed and President Trump signed at the end of last year but also by state laws, which often use federal adjusted gross income or taxable income as the starting point.
In speaking with donors, nonprofits need to emphasize the importance of the gift to a cause in which the donor believes, rather than the tax consequences, said James J. Vincequerra, a partner in the New York office of Alston & Bird, an international law firm
that advises the New York City Opera and other nonprofits
Triggers for higher taxes include:
■ Itemized deductions for high state and local taxes, which will be limited to $10,000 in 2018;
■ Complex financial situations like owning a business,
■ A large number of personal exemptions.
Barbara Weltman, a tax lawyer in Vero Beach, Fla., said
that under the new rules for 2018, employees can no longer deduct unreimbursed business expenses like business use of a car or a home office.
Julian Block, a tax lawyer in Larchmont, N. Y., said
that if you realize that you face higher taxes for 2018, fill out a new Form W-4 with your employer to increase withholding.
and lawyer in New York who is a special consultant to the accounting firm Citrin Cooperman, recently conducted
a workshop on the impact of the new tax act for the New York State Society of Certified Public Accountants.
Ms. Welch, a certified public accountant, pointed out
that many taxpayers will be affected not only by the law that Congress passed and President Trump signed at the end of last year but also by state laws, which often use federal adjusted gross income or taxable income as the starting point.
In speaking with donors, nonprofits need to emphasize the importance of the gift to a cause in which the donor believes, rather than the tax consequences, said James J. Vincequerra, a partner in the New York office of Alston & Bird, an international law firm
that advises the New York City Opera and other nonprofits