Are Roth IRAs Still Beneficial under the New Tax Law?

Are Roth IRAs Still Beneficial under the New Tax Law?

The Roth IRA remains an attractive retirement planning vehicle for many individuals after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages Roth IRAs offer several important tax advantages over traditional IRAs. First and … Continued

HTB Welcomes New Senior Manager

Hannis T. Bourgeois, LLP welcomes Derek Foret as a Senior Manager to the firm’s Audit Department. Derek provides assurance and consulting services to companies, and is based in the firm’s Baton Rouge office Derek joins HTB with more than 5 years of public accounting experience serving both public and private companies including work with capital … Continued

The pass-through provisions of the TCJA: The devil is in the details

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These business owners stand to see their tax liabilities fall significantly, but determining … Continued

Home Equity Borrowers Get Good News From The IRS

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and … Continued

How the New Limit on SALT Deductions Affects Homeowners

The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018 through 2025. Here’s important information that homeowners should know about the new limitation. Old Law, … Continued

New Law Eases the Individual Alternative Minimum Tax

Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there’s a silver lining: The AMT rules now reduce the odds that you’ll owe the AMT for 2018 through 2025. Plus, even if you’re still in the AMT zone, you’ll probably owe less AMT than you did under the … Continued

Important Tax Figures for 2018

The following table provides some important federal tax information for 2018, as compared with 2017. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/Medicare 2018 2017 Social Security Tax Wage Base  $128,400 127200 Medicare Tax Wage Base  NO LIMIT NO LIMIT Employee portion of Social Security 6.2% … Continued

New Law Gives Eligible Pass-Through Businesses a Special Tax Break

Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Congress devised a special tax break for pass-through businesses to help achieve parity between the reduced corporate income tax rate and the tax rates for … Continued

New budget agreement brings additional tax changes

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, … Continued

2018 Tax Calendar

2018 Tax Calendar To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the calendar and let us know if … Continued