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The
Presti & Naegele Advantage
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Client News
Flont Is Changing How to Buy Fine Jewelry Online
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Courts Loosen Up On Conservation Easement Rules
Two recent court cases indicate that, although use of ... Read More
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How do I? Distinguish partnerships from other arrangements
A partnership is created when persons join together ... Read More
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FAQ: What is “assignment of income” under the tax law?
Gross income is taxed to the individual who earns it or to owner ...
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September 2017 tax compliance calendar
September 2017 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Disaster relief, tax reform on Congress’ September agenda
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As lawmakers return to work after their August recess, Hurricane Harvey has increased expectations on Congress to quickly pass disaster-relief tax breaks. September is also expected to bring Congressional hearings on tax reform and possibly the unveiling of tax reform legislation. At the same time, lawmakers must address the federal government’s budget, including the IRS.
Disaster relief
After Hurricane Katrina, Congress passed an extensive disaster relief package, which included many tax provisions. Lawmakers took similar action after Hurricane Sandy a few years ago. Congress is expected to take up a Hurricane Harvey disaster relief plan in coming weeks. ... Read More
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Don’t overlook child-related deductions and credits
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Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and credits related to minors are the dependency exemption, the child tax credit, and the dependent care credit. Also not to be overlooked are tax-sheltered savings plans used for education, such as the Coverdell Education Savings Accounts (ESAs).
Dependency exemption. The dependency exemption is a type of deduction that is available for children and other qualifying dependents, subject to phase out if the taxpayer's adjusted gross income ... Read More
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