Article Highlights:  Qualifying Adoptions Credit Amount Credit Carryover Qualifying Expenses High-Income Credit Phase-out Employer Adoption-Assistance Program If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income-tax credit. The amount of the credit is based on any expenses incurred that are directly related to the adoption […]

The following deductions are not itemized deductions but are considered adjustments to income. This includes retirement-plan deductions (such as those for IRAs and self-employed retirement plans, including SEPs, SIMPLE and other qualified plans); all of these deductions would be retained. However, if all other deductions are eliminated, the eliminated deductions would include: Teacher’s Expenses – […]

Article Highlights: Deductions the Proposal Retains Itemized Deductions the Proposal Eliminates Other Deductions the Proposal Eliminates One of President Trump’s key tax reforms is to eliminate all individual tax deductions except for those that incentivize home ownership, charitable contributions and retirement contributions. Although the administration’s one-page outline of the proposed tax reforms provides little detail, […]

February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are […]

Article Highlights: • 2017 Standard Mileage Rates • Business, Charitable, Medical and Moving Rates • Important Considerations for 2017 • Switching Between the Actual Expense and the Standard Mileage Rate Methods • Employer Reimbursements • Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional […]