Category Archives: Blog

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

Prepayment of 2018 Property Taxes Before the close of 2017

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As you are aware, Congress has passed the “Tax Cuts and Jobs Act,” which is expected to be signed by President Trump before the Christmas break.  Many changes will come as a result of the passing of this tax bill.  … 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

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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

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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

2018 Estate and Gift Tax Exclusion Limits Set to Increase

Gifting

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