Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to [...]
The Best Way to Avoid an Audit: Preparation Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS's gaze if you make one of several common [...]
Taxes and Virtual Currencies: What You Need to Know Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe in that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so [...]
Reduce Your Property Taxes With the passage of the Tax Cuts and Jobs Act, deductions of state, local and property taxes are not worth as much as they used to be. Beginning in 2018, taxpayers are limited to a total of $10,000 in combined state income, sales and property taxes as an itemized deduction. One [...]
Well everyone…. after months of hearing about it, the President signed into law The Tax Cuts and Jobs Act on Friday. (More commonly know as the Tax Reform Bill.) There are many provisions of this bill to cover, however, I just want to focus on a few things to get done before the end of [...]
There are a lot of new things to get used to when you change jobs, from new responsibilities to adjusting to a new company culture. You may not have considered the tax issues created when you change jobs. Here are tips to reduce any potential tax problems related to making a job change this coming [...]
When individual clients ask, “What is a good tax planning strategy?” One of the things I tell them to consider is to start out with a part-time business. The biggest difference, when you own a business, is you spend money and then pay taxes on the net income after expenses. I have been keeping a [...]
Each year someone notifies us that their parent has passed away and want to know what they need to do about filing the final tax return. When someone that has been filing as a single taxpayer dies, there are several things that need to be done. (The focus is on a single tax filer, not [...]
The filing requirement rules for individual federal income tax returns are fairly straightforward. In general, you're required to file a return based on your filing status, your gross income, and your age. Here's an overview of the rules for 2016 tax returns. Single taxpayers (including those who are divorced or legally separated). If you're under [...]
As we enter the year’s end, as well as one of the craziest elections we’ve witnessed, we are all left wondering how to tax plan with so many pending changes out there. The President-Elect is saying that drastic changes will be made in the first 100-200 days of 2017. For those that aren't following all [...]
