Here are several of the most prevalent tax-related deadlines affecting small business owners for the second quarter of 2018. Please note that this is not a comprehensive list, so there are probably several deadlines that apply to you, which are not listed here. Please contact us to make sure you are able to meet all … [Read more…]
Home ownership is a key tax break for many Americans. When you own a home, you are be eligible for several home related tax breaks when you file your 2017 return. However under the Tax Cuts and Jobs Act, beginning in 2018, the home-related tax breaks will be different, and possibly lower for most Americans. … [Read more…]
If you suffered damage to your home or “personal property” in 2017, it is possible that you will be able to deduct the loss from the damages as “casualty losses” on the federal income tax return for 2017. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses … [Read more…]
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% gifts … [Read more…]
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it … [Read more…]
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. … [Read more…]
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in … [Read more…]
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may … [Read more…]
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses … [Read more…]
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this … [Read more…]