Article Highlights: Increased Standard DeductionTax-Exempt IncomeImpairment-Related Work ExpensesFinancially Disabled Earned Income Tax CreditChild or Dependent Care CreditSpecial Medical DeductionsQualified Medicaid Waiver PaymentsABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of … [Read more...] about Disabled Taxpayer Tax Benefits
Personal Tax
Are You Prepared for a Disaster?
Article Highlights: Business OwnersFamily and HomeRecordsDisaster ScamsSelf-help PublicationsGovernment Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a … [Read more...] about Are You Prepared for a Disaster?
September 2018 Individual Due Dates
September 1 - 2018 Fall and 2019 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold … [Read more...] about September 2018 Individual Due Dates
States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Article Highlights: Four States Sue Federal GovernmentHigh-Tax StatesChallenging the $10,000 Itemized Deduction for State and Local TaxesCharitable Deduction Work-AroundSubstance over FormProposed IRS Regulations to Counter Work-AroundsTaxpayers Should Exercise Caution Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void … [Read more...] about States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Kiddie Tax No Longer Based on Parents’ Tax Rate
Article Highlights: Parents Attempting to Shift Income to ChildrenKiddie TaxTax Reform ChangesTax on Child’s Unearned Income Tax on Child’s Earned Income Some years back, it was not uncommon for parents to put their investments in their dependent children’s names to take advantage of their children’s lower tax rates. Although the Uniform Gift to Minors Act legally made a … [Read more...] about Kiddie Tax No Longer Based on Parents’ Tax Rate