Article Highlights: 20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an S […]
Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?
Article Highlights: Background New Limit Equity Debt Interest Interest Tracing Refinancing The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their tax […]
A Mid-Year Tax Checkup May Be Appropriate
Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought […]
July 2018 Individual Due Dates
July 1 – Time for a Mid-Year Tax Check Up Time to review your 2018 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips […]
Taxpayers Find Gift Tax Reporting Confusing
Article Highlights: Gift Tax Return Filing Requirements Lifetime Estate Exclusion Annual Gift Exclusion Tuition and Medical Exclusions Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned […]