Resources & Links

For your convenience, DMJ provides an up-to-date library of insights, tools, resources, and special announcements related to all your tax and accounting needs. 

Resources & Links

Stay up to date with DMJ news, special announcements and upcoming deadlines.

Tax Watch

Child Tax Credit Now Higher and More Widely Available

Beginning in 2018 through 2025, changes in the Child Tax Credit (CTC) made by the 2017 Tax Cuts and Jobs Act (the TCJA) make the CTC more valuable and allow more taxpayers to benefit from it. The CTC applies to taxpayers with children under the age of 17 (“qualifying children”), and there’s also a new credit for other dependents.

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The IRS Finally Issues Regulations on The New 20% Business Deduction – What Have We Learned?

On Wednesday, August 8, 2018, the Department of the Treasury released proposed reliance Regulations on Section 199A, also known as the 20% deduction on qualified business income (“QBI”). The words “proposed” and “reliance” are important and meaningful. “Proposed” means that these are draft Regulations that are open to public comment, and may change before they are finalized as a result of the comments of tax professionals received. “Reliance” means that although they are draft and subject to change, taxpayers can rely on these for the time being, which is helpful given that they take effect for the 2018 calendar year, which is more than half over at this point.

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Converting a Home Into Rental Property

If you have decided to move but have been unsuccessful in selling your current home, you may contemplate converting it into rental property. If you are thinking of taking this step, you no doubt are fully aware of the economic risks and rewards. However, you also should be aware that renting out your personal residence carries potential tax benefits and pitfalls. Prior to any potential conversion, you should review how the conversion will affect your income/deductions as well as any gain/loss on the eventual sale of the property.

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How Does the Home Office Deduction and Renting Your Home Affect the Personal Residence Exclusion?

Most taxpayers know that an individual can exclude up to $250,000 ($500,000 for certain joint filers) of the gain from the sale of his principal residence if he has owned and used the residence as his principal residence for at least two years out of the five-year period before the sale. What you may not know is how claiming the home office deduction and/or renting your home affects the personal residence exclusion.

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Local Transportation Costs

Many taxpayers, especially ones that are self-employed, have questions regarding the deductibility of local transportation costs. Please consider the brief overview below to help you distinguish between deductible and non-deductible transportation costs that you may incur in your business activities.

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Donor-Advised Funds

Donor-advised funds, though they may bear the donor’s name, are not separate entities, but are mere bookkeeping entries. They are components of a qualified charitable organization. A contribution to a charity’s donor-advised fund may be deductible in the year it is made if it isn’t considered earmarked for a particular distributee…

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