Be overly Cautious About Your Payroll Withholding for 2018 With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. For […]
Guidelines on How the IRS is Dealing with Virtual Currencies As our world has become more and more “digital,” it was only a matter of time before cryptocurrencies were developed. One of the first of these virtual currencies was Bitcoin, and the Bitcoin network came online in 2009. Since then, additional cryptocurrencies have been developed. […]
Is Bunching Right for You? The GOP’s Tax Cuts & Jobs Act increased the standard deduction and placed new limitations on itemized deductions. This article offers strategies that you can use to reduce your tax liability under the new law. Beginning with 2018 tax returns, the standard deductions will be:
Bill Includes a Number of Extenders that Retroactively Apply to 2017 Returns Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since […]
New Tax Reform Bill and Business-Related Deductions The GOP’s tax-reform bill that President Trump signed on December 22nd of last year eliminated the business-related deduction for entertainment, amusement or recreation expenses, effective beginning in 2018. If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the […]
Modified Withholding Tables for 2018 One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act […]
Updated Mileage Rates for Business, Medical Purposes and Charitable Organizations The Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes.
Be Aware of Many Tax-Related Issues if You Sold Your Home Last Year Read About Home Sales and the Home-Sale Gain Exclusion If you sold your home last year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to that sale so that you […]
5 QuickBooks Reports You Need to Run in January Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those […]
Not All Interest An Individual Pays is Deductible The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories:
