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What You Need to Know About Year-End Charitable Giving in 2017

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire.

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New Tax Law Brings Big Changes for Individual Taxpayers

The reconciled tax reform bill, commonly called the "Tax Cuts and Jobs Act" (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here are some of the most notable changes.

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Congress Passes Biggest Tax Bill Since 1986

On December 20, the House passed the reconciled tax reform bill, commonly called the "Tax Cuts and Jobs Act of 2017" (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.

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2018 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Minnesota has a New Social Security Income Subtraction

As part of the Minnesota Omnibus Tax Bill that was signed into law in May 2017, Minnesota now has a subtraction from income for certain Social Security and Tier 1 Railroad Retirement benefits. The maximum subtraction is $4,500 for married/joint filers and surviving spouses. The maximum subtraction is $3,500 for single and head-of-household filers. The maximum subtraction is $2,250 for married/separate filers.

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December Economic Update

House and Senate Tax Bills Head to Reconciliation

Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax bill on November 16, and a conference committee of representatives from both houses of Congress is scheduled to begin work on a reconciled final bill this week.

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Why You Should Prepay Next Year’s Property Tax

Accelerating your deductible expenses, like the property tax on your home, into the current year typically is a good strategy. Why? It will defer tax, which is almost always beneficial. However, prepaying your 2017 property tax is even more crucial this year, as there is proposed tax legislation that might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Time is of the essence, so what do you need to know, and how can you get started?

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Learn the Ropes of the Taxes on Income Investments

The wise investor has a wide and diverse portfolio. There are many complexities to investments, and you need to be aware and engaged with every decision and factor that can affect your portfolio and holdings. Taxes play no small role in this. Risk-averse investors will tend to hold much of their portfolios in "income investments," which are investments with less emphasis on growth in value and more of a focus on paid interest or dividends. However, just because this investment is risk-averse, it doesn’t mean it is risk-free. It’s important to be aware of the different tax treatments when managing your income investments.

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Casualty Losses Due to Hurricane Damage Have Changed

Casualty loss deductions are available when losses are suffered due to natural disasters such as a hurricane. The general rule, in the past, was that casualty loss deductions are limited—first the loss was reduced by $100, then the remaining amount was reduced by 10 percent of Adjusted Gross Income (AGI). But these general rules have been relaxed in light of recent hurricane damage.

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