Barry J. Friedman, CPA, Author at CPA Trendlines

Why Padding Tax Deductions Is a Risky Proposition

Some client education may be in order.

By Barry J. Friedman, CPA
IndustryNewsletters

“In this world, nothing can be said to be certain, except death and taxes” is a quote often attributed to Benjamin Franklin. With that in mind, it’s best to be prepared, at least financially, for taxes and tax season each year.

MORE: Yes, Home Equity Loans May Still Be Deductible | How to Challenge Property Taxes | Real Estate, IRAs & Clients | Percentage-Withholding for Clients | Bitcoin: What Clients Need to Know | Supreme Court Wayfair Ruling Sows Confusion – And Opportunity
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The Risks

When it comes to deductions, things can get a little sticky. Some clients may wonder what the harm is in taking a little extra here or a little extra there.
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CLIENT SERVICE OPPORTUNITIES

Yes, Home Equity Loans May Still Be Deductible

But watch out for the lower dollar limit.

By Barry J. Friedman, CPA
IndustryNewsletters

Contrary to early reports, the Tax Cuts and Jobs Act allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines of credit (HELOC) or second mortgages to deduct interest on the loans.

MORE: How to Challenge Property Taxes | Portability: Sharing the Estate Tax Exemption | Tariffs: What Clients Need to Know Now | New SALT Deduction Limit: What Clients Need to Know | Passwords: How to Beat the Hackers
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That’s the good news. But if clients take out the loan to pay for personal living expenses – credit card debt, for instance – they can’t deduct the interest from their taxes.
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CLIENT SERVICE OPPORTUNITIES

How to Challenge Property Taxes

5 steps for homeowners.

By Barry J. Friedman, CPA
IndustryNewsletters

Have your clients’ property tax bills increased significantly? Do you think they may have grounds for an appeal, particularly if the increase seems out of line with overall appreciation in their area?

MORE: Social Security Hike the Largest in 7 Years | Real Estate, IRAs & Clients | Percentage-Withholding for Clients | Bitcoin: What Clients Need to Know | Supreme Court Wayfair Ruling Sows Confusion – And Opportunity
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Property tax rules and policies are local, but in general, homeowners have 90 days after receiving a new assessment to appeal in most jurisdictions; some close the appeals window after 30 days.

FEATURED

Portability: Sharing the Estate Tax Exemption

6 key points.

By Barry J. Friedman, CPA
IndustryNewsletters

Portability is actually a simple concept. It means that if one half of a married couple doesn’t use up the entirety of the federal estate tax exemption at death, the surviving spouse can use this leftover portion, plus his or her own exemption.

MORE: Real Estate, IRAs & Clients | Tariffs: What Clients Need to Know Now | New SALT Deduction Limit: What Clients Need to Know | Passwords: How to Beat the Hackers
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It makes a high federal estate tax bill less likely. This provision has changed the way estate planning can be approached today.
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CLIENT SERVICE OPPORTUNITIES

Social Security Hike the Largest in 7 Years

Disability thresholds also are changing.

By Barry J. Friedman, CPA
IndustryNewsletters

As is usual this time of year, the Social Security Administration has published critical information on benefit changes and maximum taxable income.

MORE: Real Estate, IRAs & Clients | Tariffs: What Clients Need to Know Now | New SALT Deduction Limit: What Clients Need to Know | Passwords: How to Beat the Hackers | The W-4 Time-Bomb and What To Do About It | Supreme Court Wayfair Ruling Sows Confusion – And Opportunity
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How will these affect your clients?
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Barry J. Friedman, CPA

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Barry J. Friedman, CPA, is CEO of IndustryNewsletters.

The accompanying article is one of the most popular among CPA firm clients in the IndustryNewsletters network, indicating strong client interest in the subject and potentially significant service opportunities for practitioners.

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Friedman brings more than 35 years of experience building and managing CPA firms, as well as digital marketing firms. Barry sold his regional accounting firm, Friedman & Fuller, to American Express and then created BizActions, LLC which became the first and most widely adopted email marketing service for CPA and payroll firms, which he sold to Thomson Reuters in 2012. Previously, he was the founder and CEO of GovCon where he developed an online electronic commerce community that brought together thousands of IT contractors and hundreds of government entities. He earned an MBA in Business Administration from Loyola College and taught Financial Management in that program for three years.

IndustryNewsletters is a power, easy-to-use digital marketing tool for professional service firms with a large and growing library of timely, relevant content. This robust platform includes an email newsletter service, OnTarget email blast tool, Social Sharing tool, Reporting, and more, to assist you in adding value for your clients and growing your business.

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