Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 … [Read more…]

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through … [Read more…]

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S-Corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient historyUntil the 2016 … [Read more…]

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local … [Read more…]

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions, and the child credit. The degree … [Read more…]

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What is tax … [Read more…]

Commercial buildings and improvements usually are depreciated over 39 years, meaning you can deduct a share of the cost every year over the depreciation period. (Land is not depreciable.) However, special tax breaks that allow deductions to be taken more quickly are available for specific real estate investments. Some of these were enhanced by the … [Read more…]

Have you been receiving letters from your favorite charities lately? For many Americans letters have been appearing in their mailbox in recent weeks acknowledging their 2018 year-end donations. However, what happens if you have not received such a letter? Will you still be able to claim an itemized deduction for the gift on your 2018 … [Read more…]

While the Tax Cuts and Jobs Act (TCJA) usually reduced individual tax rates for 2018 through 2025, some taxpayers might see their taxes go up due to reductions or eliminations of certain tax breaks—and, in some cases, due to their filing status. However, some might see additional tax savings due to their filing status. Unmarried … [Read more…]

The coming of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s usually too late to take action to reduce 2018 taxes. Business owners might, therefore, want to shift their focus to assessing whether they will owe taxes or get a refund when filing their returns this … [Read more…]