posts by Mark - 2/83 - Beacon Hill Investment Advisory, LLC

Pick Your Plastic: Debit or Credit?

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According to a Federal Reserve study, Americans use debit cards more often than credit cards, but the total value and the average value of credit card transactions are higher than those of debit card transactions. While consumers made 69.5 billion transactions using debit cards, the total value of these transactions was $2.56 trillion, with an …

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Mid-Year Planning: Tax Changes to Factor In

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The Tax Cuts and Jobs Act, passed in December of last year, fundamentally changes the federal tax landscape for both individuals and businesses. Many of the provisions in the legislation are permanent, others (including most of the tax cuts that apply to individuals) expire at the end of 2025. Here are some of the significant …

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Family Leave Tax Credit

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A new federal tax credit for employers was created by the Tax Cuts and Jobs Act of 2017. Employers that offer employees up to 12 weeks of paid family and medical leave may claim a tax credit for a portion of the wages paid during their leave. The credit is available for wages paid in …

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What are the gift and estate tax rules after tax reform?

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The Tax Cuts and Jobs Act, signed into law in December 2017, approximately doubled the federal gift and estate tax basic exclusion amount to $11.18 million in 2018 (adjusted for inflation in later years). After 2025, the exclusion is scheduled to revert to its pre-2018 level and be cut approximately in half. Otherwise, federal gift …

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The College Landscape After Tax Reform

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College students and their parents dodged a major bullet with the Tax Cuts and Jobs Act of 2017. Initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction, along with the taxation of tuition waivers, which are used primarily by graduate students …

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