Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for […]
Article Highlights: Payroll Withholding W-4 2018 Tax Projection Adjusting Withholding With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. […]
Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in […]
Article Highlights Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate. Alternative minimum tax (AMT) Tax Credits Underpayment of estimated tax penalty When discussing taxes, reading tax related articles or instructions one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are […]
Article Highlights: Shared-Responsibility Payment Originated in 2014 Fully Effective in 2016 How It Is Calculated Eliminated in 2019 Note: This one of a series of articles that explain how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of […]
Highlights: 2017 balance due payments IRA contributions for 2017 Estimated tax payments for first quarter 2018 Statute of limitation 2018 refunds Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different […]
Article by Anna Bahney | Found on CNN If you’ve been paying off student loans, don’t make the mistake of filing your taxes without getting a deduction on the interest you’ve paid on your loans. “If you’re paying 4% [interest] on your loans and not getting the deduction,” says Michael Chen a CPA and founder of […]
Article Highlights Estate Tax Exemption Unused Exemption Portability Annual Gift Tax Exemption Check Your Beneficiaries Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in the article), passed late in December 2017, might affect you […]
If you are an expatriate living abroad, you may be wondering how the provisions of the Tax Cuts and Jobs Act (TCJA) will impact you. This is the most extensive tax change in over 30 years, and although it was touted as tax simplification when it was in the planning stages, nothing was simplified related […]
Article Highlights: What to Do If You Can’t Pay Loans Credit Card Payments IRS Installment Agreements Retirement Funds If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date. The IRS encourages […]