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?
Personal Tax
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
2018 Standard Mileage Rates Announced
Article Highlights: Standard Mileage Rates for 2018Business, Charitable and Medical RatesImportant Considerations for 2018Switching Between the Actual Expense and Standard Mileage Rate MethodsEmployer ReimbursementsEmployee Deductions SuspendedSpecial Allowances for SUVs As it does every year, the Internal Revenue Service recently … [Read more...] about 2018 Standard Mileage Rates Announced