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 … [Read more...] about Big Tax Break for Adoptive Parents
Other Deductions the Proposal Eliminates
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 … [Read more...] about Other Deductions the Proposal Eliminates
Deductions Eliminated Under Trump’s Tax Reform Proposal
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 … [Read more...] about Deductions Eliminated Under Trump’s Tax Reform Proposal
February 2017 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 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 required to report them to your employer on IRS Form 4070 no later than … [Read more...] about February 2017 Individual Due Dates
Standard Mileage Rates for 2017 Announced
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 … [Read more...] about Standard Mileage Rates for 2017 Announced