For 2018, the federal income tax filing deadline has been deffered to — April 17 — but it’s now less than 1 week away! So, if we haven’t received your documents or filed your tax returns by now, you may be on an extension or getting extended. If you are considering an extension then beware of these potential errors. Filing for an extension Filing for an extension allows you to … Read more
During the busy tax-filing season it can be easy to forget about other important tax-related deadlines for your business. It is critical to have either a personal accountant or a designated person that helps manage the business tax payments that are due quarterly through the year. Staying up-to-date and making those estimated payments will help alleviate your business tax bill at the end of the year. Q2 Tax Deadlines April … Read more
Home-related deductions are some of the most common savings on taxes each year. If you own a home, you are eligible for several tax breaks when you file your 2017 return. Here’s how you should be taking advantage of these savings for the 2017 tax year. Home-related tax breaks for 2017 vs. 2018: Property tax deduction. For 2017, property tax is generally fully deductible. Unless you’re subject to the alternative minimum … Read more
If you suffered damage to your home or personal property last year. You may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction. Except for losses due to an event officially declared a disaster by the President. What is a casualty? It’s a sudden, unexpected or unusual event, such as a natural disaster … Read more
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% gifts made by check, credit card or payroll deduction. Ordinary-income property. For stocks and bonds … Read more
Tax Cuts and Jobs Act Current Effects Under the Act, starting in 2018, the limit on qualifying acquisition debt is reduced to $750,000 ($375,000 for a married taxpayer filing separately). However, for acquisition debt incurred before Dec. 15, 2017, the higher pre-Act limit applies. This means you can refinance up to $1 million of pre-Dec 15, 2017 acquisition debt in the future. Also will not be subject to the reduced … Read more
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you’ll enjoy a tax benefit only if these expenses plus your other miscellaneous itemized … Read more
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated … Read more
Crypto-currency, such as the Bitcoin, has been increasing in popularity. Crypto-currency may be used to pay for goods or services, or held for investment. This crypto-currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency, but it does not have legal tender status in any jurisdiction. For federal tax … Read more
