Tax Litigation Law Office of Scott Kauffman
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June 2018 Archives

Why should you complete a mid-year tax withholding review?

To avoid a tax surprise. And this year it is even more important. Most people who earn a salary or hourly wages had their paycheck withholdings updated in February. This incorporated tax changes from the 2017 tax reform package.

New federal SALT-related rules expected

With the 2017 passage of the “Tax Cuts and Jobs Act,” deductible credits for payment of state and local taxes (so-called “SALT credits”) were capped at $10,000 per married couple filing jointly or $5,000 per individual. In higher-tax areas like New York, California and Washington, D.C., these limits were generally met with derision and trepidation. After all, the lowered limits mean higher federal tax liability in all areas, but the hardest hit will be the ones with the highest state and local tax rates.

Tax implications of vacation home rentals

With the advent of such services as “HomeAway,” “HomeToGo” and “Air BNB,” more and more people than ever before are offering their homes for short-term rentals. The usual arrangement is that property owner will stay at another location, and will allow strangers to use the home for a fee.