Accounting and Tax Services in Richmond, VA .

New United States Tax Law (Part 3)

This note is our final piece on the New United States Tax Law. Alternative Minimum Tax – The Exempt Income Thresholds are Increased From Single: $54,300 to $70,300; Married Filing Joint: $84,500 to $109,400. Alternative Minimum Tax Exempt Income Phase-outs, Increased From - Single: $120,700 to $500,000; Married Filing Joint: $160,900 to $1,000,000. Note: This means that if your income exceeds the $500,000 or $1,000,000 phase-out amount, you are no longer eligible to exempt

New United States Tax Law (Part 2)

We are continuing our discussion of the new United States Tax Law as it applies to individuals. You can view our last week’s post here: New United States Tax Law (Part 1). Below are some more highlights of the tax change: Mortgage Interest Deduction is limited to $750,000 for primary and secondary home on mortgages obtained after 12/15/2017. The limit is $1,000,000 for old mortgages obtained prior to 12/15/2017. Home equity interest deduction is not allowed. Note: Th

New United States Tax Law (Part 1)

In the next few posts, we would like to provide a brief overview of the new United States Tax Bill. Here are some of the basics for Individuals: Effective Date: January 1, 2018 Expires: January 1, 2026 Property Taxes: (applies to the United States only) plus state and local income taxes are capped at $10,000 per year. Standard Deduction: Single: $12,000 Head of Household: $18,000 Married (filing joint): $24,000 2% Itemized Deductions that are no longer deductible: Tax Prepar

Is your business solvent?

As a business owner, one of your greatest concerns that you face is whether or not your business is going to survive. Many businesses are in debt for a multiple of reasons: from starting a business, expanding a business, or developing a new product. But how do you know, as a business owner, that you are solvent? The solvency ratio is a means for a business owner can use to help them measure the business’ ability to meet its debt and other obligations. The solvency ratio ind

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