Article Highlights: Sec 199A DeductionQualified Business IncomeThreshold Specified Service BusinessesLimitationsWage Limit Aggregating Amounts Note: The is one of a series of articles explaining 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 2017, could affect you and your … [Read more...] about Have Business Income? If So, You Score Big with the New Tax Reform
Surprise! Extender Bill Passed: Do You Benefit?
Article Highlights: Mortgage Insurance PremiumsAbove-the-Line Education ExpensesExclusion of Home Cancellation of Debt IncomeCredit forNonbusiness Energy PropertyCredit forNewQualifiedFuel CellMotorVehiclesCredit for Alternative Fuel Vehicle Refueling PropertyCredit for 2-Wheeled Plug-In Electric VehiclesCredit for Energy-Efficient New … [Read more...] about Surprise! Extender Bill Passed: Do You Benefit?
February 2018 Individual Due Dates
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 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no … [Read more...] about February 2018 Individual Due Dates
Medical Deductions & The New Tax Law
Article Highlights: Medical Deductions Retained by the Tax Reform LawAdjusted Gross Income Floor Dropped to 7.5%The Standard DeductionBunching Medical DeductionsUnusual Medical DeductionsMedical DependentsDivorced Parents Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act … [Read more...] about Medical Deductions & The New Tax Law
If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips
Article Highlights: Seriously Delinquent Tax DebtExceptionsPassport Denial or Revocation As promised several months back, the IRS has begun to crackdown on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State Department will generally … [Read more...] about If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips