Category Archives: Blog

New Law Aids Hurricane Victims

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Soon after Hurricane Harvey devastated the Gulf Coast of Texas, the IRS gave tax relief to those affected. On September 29, President Trump signed H.R. 3823 into law that gives some additional tax relief to victims of Hurricanes Harvey, Irma, … Read More

Other Casualty And Theft Losses You Can Claim On Your Tax Return

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Many affected by Hurricane Harvey will be claiming home, furniture, vehicle and other casualty losses on their tax return. In addition to those losses caused by natural disasters, there are many other casualty and theft losses you can claim on … Read More

2018 Estate and Gift Tax Exclusion Limits Set to Increase

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Beginning in 2018, the lifetime estate and gift tax exclusion (which is indexed for inflation) are projected to rise to $5,600,000 from $5.49 Million during 2017. This is the limit on tax-free transfers during life or at death. This means … Read More

“Charitable” Giving After Harvey

Crowd Funding - Three Arrows Hit in Red Target on a Hanging Sack on Natural Bokeh Background.

Hurricane Harvey.  A name that will be remembered by so many in Southeast Texas for years to come.  Upon making landfall as a Category 4 hurricane, it tore apart the city of Rockport, Texas.  It was a slow moving storm, … Read More

Employer to Employee Disaster Relief Payments

May 30, 2015 - Addicks Reservoir Park, Houston, TX: Standing flood waters over roads and fields

As the Gulf Coast continues to recover from the devastation caused by Harvey, many employers are trying to find ways to help their affected employees. Many businesses are starting crowdfunding campaigns, but the IRS allows a more tax efficient way: … Read More

Crowdfunding Tax Considerations

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As Houston continues to recover from the devastation of Harvey, the citizens of Houston are rolling up their sleeves and helping out in any way that they can. Many people are starting crowdfunding campaigns for particular families that have lost … Read More

Casualty Loss Deductions

entrance of a House fully flooded during the flooding of the river

As the waters recede from Houston, we start to assess the amount of damage caused by Hurricane Harvey. In Harris County 40,000 homes or more may have been damaged by Hurricane Harvey[1]. If you incurred property damage as … Read More

Hardship Distributions for Victims of Hurricane Harvey

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The IRS announced that it is allowing 401(k)s and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Harvey and certain IMG_1020.JPGmembers of their families. IRA participants are not allowed to take out loans, but … Read More

IRS Provides Tax Relief for Many Areas Affected by Hurricane Harvey

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Our thoughts and prayers are with you all.  As a result of the devastation Hurricane Harvey has brought and continues to bring to our area and much of southeastern Texas, the IRS has granted tax relief to residents in several … Read More

Tax Advantaged Ways to Help with College Tuition

Yale university buildings in winter after snow storm Linus in New Haven, CT USA

As the school year begins and tuition becomes due, family and friends may want to help students pay their education costs.  If you’re one of these generous people, you might be able to take advantage of the following gift tax … Read More