Paramount Tax Blog

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Featured Articles August 2018

Posted on Aug 1st 2018

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster.

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Featured Articles July 2018

Posted on Jul 10th 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.

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Featured Articles June 2018

Posted on Jun 10th 2018

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school.

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Featured Articles May 2018

Posted on May 24th 2018

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill--money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated.

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Featured Articles April 2018

Posted on May 14th 2018

Five Tax Provisions Retroactively Extended for 2017 - 1. Mortgage Insurance Premiums. 2. Exclusion of Discharge of Principal Residence Indebtedness. 3. Energy Saving Home Improvements. 4. Qualified Tuition and Expenses. 5. Deductible Expenses for Live Theatrical Productions

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