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

Limits on a Partner’s Loss Deductions

As you are probably aware, one of the advantages of doing business as a partnership (or S corporation), as opposed to as a regular corporation, is that the business losses “pass through” to the partners and can be deducted by them on their individual tax returns. Many taxpayers are not aware, however, that limitations apply on how much of a partner’s loss can be deducted.

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Jointly-Held Property: Inclusion In Gross Estate

When individuals consider estate planning, questions surrounding jointly-held property frequently present themselves. This is especially so when the property is held jointly with someone other than a spouse. The most common forms of joint ownership are presented here. Please feel free to consult with us if you have specific questions related to your own estate tax planning needs.

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Gain or Loss on Sale of Property Received as a Gift

Many people receive gifts during their lifetime and many times these gifts may be something other than cash. When a person is gifted a family home, for instance, and she would like to sale this gifted property, questions frequently arise concerning the gain or loss calculation on the sale of the property.

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Summary of the Tax Bill – What We Know Today

On Thursday 11/2/2017, the House Committee on Ways and Means released the 429-page bill, known as H.R. 1 “Tax Cuts and Jobs Act.” The following summary is from a document prepared by the staff of the Republican leadership of the committee. All of these changes are...

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Benefiting from the Rehabilitation Credit in Altering or Adding to Business Space

Are you considering increasing your business space or moving your business location in the near future? If so, you should keep in mind the rehabilitation tax credit. In its most common form the credit is equal to 10% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building. The credit is allowed against both regular federal income tax and alternative minimum tax. Qualified rehabilitation expenditures must be for real property (but not land) and can’t include building enlargement or acquisition costs.

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Individual Alternative Minimum Tax Credit

Taxpayers aren’t pleased when they have to pay the alternative minimum tax (AMT). However, upon paying the (AMT), you may be entitled to a potential tax credit in future years, that will get you back some of that AMT.

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When Should Married Couples File Separate Returns?

In general, the decision will depend upon which filing status results in the lowest tax. But bear in mind that, if you and your spouse file a joint return, each of you is jointly and severally liable for the tax on your combined income, including any additional tax that IRS assesses, plus interest and most penalties.

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Understanding the Individual Alternative Minimum Tax (AMT)

The tax law gives special treatment to certain kinds of income and allows special deductions for certain kinds of expenses. The AMT was designed to increase the tax bill of taxpayers who take undue advantage of these tax benefits to avoid significant tax liability.

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