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Estates and Trusts: Guidance for Itemizing Deductions

Posted by Missy Dennis on Jun 30, 2020 8:12:00 AM

The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions and are allowable in figuring adjusted gross income, specifically:

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Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Planning

Tax Planning Includes Keeping Good Records

Posted by Taylor Bennett on Jan 8, 2020 8:21:00 AM
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Topics: Taxes, Record Keeping, Tax Planning

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