December 3 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call for a tax planning consultation appointment.December 10 - Report Tips to … [Read more...] about December 2018 Individual Due Dates
Personal Tax
Don’t Overlook Tax Credits
Article Highlights: Non-refundable vs. Refundable CreditChildcare CreditEarned Income Tax CreditChild & Dependent Tax CreditSaver’s Credit Vehicle Tax CreditsAdoption CreditResidential Energy-Efficient Property Credit Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. … [Read more...] about Don’t Overlook Tax Credits
12 Common Tax Problems to Avoid
If you’re one of those who gets worked up over filing your tax return, there are specific steps you can take to help ease the struggle and avoid the most common tax issues that are reported each year. Here are the top 12 tax issues, broken down into categories for business owners and individual taxpayers, and how everybody can minimize their impact this year. If you own … [Read more...] about 12 Common Tax Problems to Avoid
Big Changes to College Savings Plans
Article Highlights: Sec. 529 PlansSaving for CollegeElementary and Secondary School TuitionABLE Account Transfers Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal Revenue Code that established … [Read more...] about Big Changes to College Savings Plans
Wonder What a Tax Deduction Is Worth?
Article Highlights: Non-business deductionsTax bracketAbove-the-line deductionsBusiness deductions Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a … [Read more...] about Wonder What a Tax Deduction Is Worth?