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Ken Berry, JD

CPA Practice Advisor Tax Correspondent

Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.

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Advisory

Effects of 2018 Tax Reform Law on Individuals, Deductions and Credits

Most of the key provisions likely to affect individual taxpayers take effect in 2018 (for taxes that will be reported by April 2019), but are scheduled to sunset after 2026. Keeping that in mind, here are the essentials you should know about.

Income Tax

New Tax Law Complicates Property Tax Deduction: How Pre-Paying Can Help

Before the new tax reform law – the Tax Cuts and Jobs Act (TCJA) -- was finalized, Congress made a slight concession to residents of high-tax states by including a limited deduction for state and local taxes (SALT), which includes state income, sales ...

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Income Tax

Tax Reform Bills Full Of Errors and Confilcts

The new tax reform bills that passed the House and Senate were built on the “need for speed.” Both versions were rushed along in the hopes of a final measure arriving on the president’s desk before Christmas. But haste makes waste and, in this case, ...

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Benefits

New Tax Reform Law Restricts 401(k) Contributions

An amendment to the Senate version of the sweeping new tax reform bill hinders the ability of older Americans to build up their retirement funds on a pre-tax basis.

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Senate Passes GOP Tax Reform Bill

In a 51-49 vote following party lines, the Senate approved its version of the tax reform bill during a marathon session, with only one Republican, Tennessee Senator Bob Corker, voting against the measure. But it took some late additions – in barely ...

The Tax Blotter - Nov. 30, 2017

A collection of odd tax-related news.

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Bad Dog! Tax Court Nips Dog Grooming School for Education Credit

Income Tax

7 Tax Tips for Year-End Charitable Donations

Under sweeping tax reform proposals being discussed in Congress, millions of taxpayers may no longer be itemizing tax deductions in 2018. This creates an added incentive to bolster 2017 donations.

A Detailed Look at Tax Reform: Changes to Deductions and Credits

Tax reform cleared its first major hurdle in Congress on November 16 when the House passed its version of the bill by a 227-to-205 vote mainly along party lines. (No Democrats voted for it.) But the legislation, which would generally be effective for ...

The Tax Blotter - Nov. 17, 2017

The chances of a tax protestor prevailing in court are slim to nil. Typically, taxpayers will argue that payment of tax is strictly voluntary or unconstitutional or they don’t have to pay taxes on religious or moral grounds, to no avail. But they keep ...

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Income Tax

Examining the GOP Tax Reform Proposal

The current graduated seven-bracket structure would be reduced to four rates of 12%, 25%, 35% and 39.6%. The previous plan was based on only three brackets with a top rate of 35% and didn’t specify income amounts. Thus, this new plans preserves the ...

Income Tax

Trump Tax Plan Repeals Most Itemized Deductions, AMT, Estate Tax

The new tax plan doesn’t provide much detail on how the tax cuts will be paid for and who exactly will benefit. It also throws some important decisions back into Congress’ lap.