PAUL’S TAX BLOG

PAUL’S TAX BLOG2018-03-12T13:40:17+00:00

COMMENT ON TAX REFORM IMPACT

As September 15 rolls into view its probably important to not only remind readers to make their quarterly estimated tax payments on time but also to evaluate whether they are sufficient. With the Tax Cuts and Jobs Act changing the tax landscape dramatically for some in 2018, you may want to refigure your payments. This also applies to those who have all their taxes withheld from paychecks. The TCJA did not change federal withholding tables to take into account the cap on state and local tax deductions. For people in high tax states such as California, the loss of those…

Went for a walk…

I’ve always wanted to climb Mt Whitney and to backpack the John Muir Trail. So, I took a few weeks off just recently to regroup mentally and physically, and did both. The JMT is 220 miles of arguably the prettiest scenery in the United States, with high mountain lakes and pristine meadows amid towering granite peaks. Mt Whitney is the highest mountain in the lower 48 states. While on the trail (20 days) I had a lot of time to reflect on things and how we can draw lessons from nature. One big takeaway I had was this: Knowing that…

After Tax Reform, Here’s What the Nonprofit Sector is Watching

By Courtney Rozen Initial estimates aren’t promising: The American Enterprise Institute projected June 18 that the law would reduce charitable giving by $17.2 billion this year, according to a static analysis. But in the six months since Republicans passed the 2017 tax act (Pub. L. No. 115-97), much of the impact is yet to be seen. For one thing, practitioners and professors who focus on nonprofit tax say there’s more to watch than just the numbers. “I think we’re all just kind of holding our breath and moving forward,” said Lisa Dietlin, a Chicago-based philanthropic adviser. Here are areas to…

The End is Here

The US Supreme Court finally ruled on the sales tax case from South Dakota. The case as you may recall was a direct challenge to the status quo that exempted sellers from having to collect sales taxes from buyers in states where the seller had no physical presence. The old regime has been a great boon to internet commerce and a source of huge frustration for states that want to get their hands on more taxes. It has also hurt local businesses who have difficulty competing against online sellers even without the absence of sales taxes charged on internet purchases. And it certainly was a big benefit to consumers….

Tax Credits to Take Advantage Next Tax Season

If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit amount is $7,500, which can be used to directly offset tax liability. The credit is nonrefundable but is not subject to AGI limitations. The credit is available to both personal and business use purchases. American Opportunity Tax Credit U.S. Code Title 26 § 25A allows…

Unintended Consequences

One of the (presumably) unintended consequences of the Tax Cuts and Jobs Act of 2018 (TCJA) is the impact that it will have on charitable giving. There are plenty of people who donate money and property to various nonprofit groups for purely philanthropic reasons. However, when there is an institutional subsidy in the form of a tax break in existence, it encourages donors to be more philanthropic. That is the whole point of a tax deduction for charitable giving, it encourages people to give more, because it’s less painful to give your money away when the government pays you to…

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