Category Archives: Blog

Meals and Entertainment under Tax Cuts

The Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017, is the largest piece of tax legislation passed since 1986.  The majority of the media coverage surrounding this law has focused on the changes in tax … Read More

Citizenship for MTA’s Own Pedro Obando

Pedro-Obando-thumbLast year only one out of every 10,000 people in the world had what it took to become a naturalized U.S. citizen. Pedro Obando is now one of the few.

New Year, New ROTHolutions!

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As 2018 kicks off, and we all make those silent promises to ourselves to get in shape, eat healthy, or to spend less time on social media, we should be focusing on our financial health. A great way to accumulate … Read More

Federal Tax Legislation – Latest Version

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At Maddox Thomson, we are continuing to track anticipated federal tax law changes under The Tax Cuts and Jobs Act of 2017.  With the recent release of the Congressional conference committee report, we now have a better idea of how … Read More

Gifting – Don’t Scrooge Yourself

Gifting

Tis the season to think of ways to help and put a smile on your loved one’s faces.  If you are thinking of giving a substantial monetary gift, you should know the tax implications beforehand.

Form 709, United States Gift … Read More

U.S. House Tax Bill: Standard Deduction vs. Itemized Deductions

A word cloud concept around the words Income Tax on a blackboard with great terms such as April, refund, rate, bracket, file, prepare and more

As the battle for tax reform continues in Washington, many people don’t understand the impact of proposed changes to the standard deduction and itemized deductions. Based on the latest IRS averages listed below, which use data from 2014 tax returns, … Read More

Latest Tax Reform Plan

office work and metaphor for the payment of taxes

At Maddox Thomson, we have been tracking anticipated tax law changes proposed by President Trump from the time of his election back in November of 2016.  Since that date, there have been several proposed plans introduced by Congress, and we … Read More

Employee Retention Tax Credit

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The summer of 2017 has been filled with Mother Nature’s wrath – wildfires and major hurricanes have devastated many areas of the United States, prompting our elected officials to pass tax laws that provide assistance to those taxpayers in the … Read More

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