Tax

April 15 Tax Deadlines

New for the 2018 tax year, forms 1040A and 1040EZ are no longer available. Individuals will use Form 1040 to file returns. If you are unable to file your return by April 15, you may request an Automatic Extension (Form 4868). The extension provides an extra six months to file, however any tax payments are …

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Opportunity Zone Fund Update

The landscape for Qualified Opportunity Zone funds continues to develop and show promise.  While favorable taxation should never trump underlying investment merits, this strikes us at Beacon Hill as one of the most promising arrows in our quiver for maximizing a selling business owner’s after tax returns. Rigid Requirements Create Potential Pitfalls The first set …

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Tax Breaks for Child Care

More than 60% of children under age six in the United States have two parents in the workforce. 1 Many of these working parents must spend a burdensome share of their earnings on child care, especially if they don’t have relatives who are willing and able to help out. The following tax benefits may help …

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Due Date Approaches for 2018 Federal Income Tax Returns

Tax filing season is here again. If you haven’t done so already, you’ll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to …

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Qualified Business Deduction for Real Estate

Business owners will be able to deduct 20 percent of their qualified business income on their 2018 federal income tax return. The 20% pass through deduction applies to businesses that qualify as a Section 162 trade or business. The IRS has issued further guidance for those wondering if income from rentals will qualify as Section …

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