Taxes and moving costs: 2017 vs. 2018

You may deduct some of the expenses on your 2017 return if you moved for work-related reasons in 2017— even if you do not itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement may be excludable from your income.) However, in 2018, moving costs likely won’t be deductible, and any employer … [Read more…]

TCJA temporarily lowers medical expense deduction threshold

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…]

IRS issues updated 2018 withholding tables

In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers should hold back from their employees’ … [Read more…]

Tax Cuts and Jobs Act: Key provisions affecting individuals

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are … [Read more…]