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Reilly Tax Advisor

Get started on 2018 tax planning now

May 04, 2018

For maximum tax savings, now is the time to start planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.

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Health Savings Account contribution limit for 2018 reduced slightly for family plans

Apr 09, 2018

Among the unforeseen consequences of the new Tax Cuts and Jobs Act is an unusual reduction on the limits that Health Savings Account holders can contribute to their plans.

Reilly Tax Advisor

Common misunderstandings about tax extensions

Mar 22, 2018

Tax deadline is bearing down, and you are determined not to file for an extension. But why?

Reilly Tax Advisor

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Mar 15, 2018

If you suffered damage to your home during this winter's snowstorms, you will only be able to deduct the resulting "casualty losses" if the region receives a disaster declaration by the President.

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How home office deduction will change in 2018

Jan 23, 2018

The home office deduction you take for the 2017 tax year may not be available to you for 2018.

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Standard mileage deduction rates for 2018

Dec 20, 2017

Stable oil prices have shielded most Americans from getting a shock at the pumps in 2017, but prices remain stubbornly above previous levels, so Uncle Sam is giving you a break in 2018.

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Should you add RMDs to your year-end checklist?

Dec 07, 2017

For older taxpayers with tax-advantaged retirement accounts, one important item may remain on the year-end to-do list: Take required minimum distributions (RMDs).

Reilly Tax Advisor

Why you should consider accelerating property tax payment into 2017

Nov 14, 2017

Prepaying property tax may be especially beneficial this year, as proposed tax legislation may reduce or eliminate the property tax deduction in 2018.

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2017 might be your last chance to hire veterans and claim a tax credit

Nov 08, 2017

With Veterans Day on November 11, it’s a good time to think about the sacrifices veterans have made and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do that, but it may not be available after this year.

Reilly Tax Advisor

Watch out for potential tax pitfalls of donating real estate to charity

Sep 05, 2017

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction.

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