Yearly Archives: 2018


5 Reasons to Amend a Previously Filed Tax Return

The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want [...]

By |2018-10-18T15:56:29+00:00November 8th, 2018|Categories: Uncategorized|0 Comments

Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones

Article Highlights: Tax Cuts and Jobs Act Reinvested Gains Enhanced Basis Qualified Opportunity Funds Partnerships Qualified Opportunity Zones   Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate [...]

By |2018-10-18T15:53:16+00:00November 5th, 2018|Categories: Uncategorized|0 Comments

Medical Insurance and Taxes

Article Highlights   Uninsured Penalty Employer Plans Health Reimbursement Plans Self-Employed Health Insurance Deduction Itemized Deductions Deductible Medical Insurance The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year [...]

By |2018-10-18T15:51:29+00:00November 1st, 2018|Categories: Uncategorized|0 Comments

Tax Reform Dealt Teachers a Raw Deal

Article Highlights:   $250 Above-the-Line Teachers’ Deduction Eligibility for the $250 Deduction Tax Benefit Deduction Option Charitable Option It is quite common for teachers to spend their own money on classroom supplies – so common, in fact, that a few years back, Congress created a special deduction that allowed teachers to deduct up to $250 [...]

By |2018-10-18T15:46:48+00:00October 29th, 2018|Categories: Uncategorized|0 Comments

Rejoice – Business Meals Are Still Deductible

Article Highlights:   Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed [...]

By |2018-10-18T15:45:27+00:00October 25th, 2018|Categories: Uncategorized|0 Comments

Making Two IRA Rollovers in One Year Can Be Costly

Article Highlights:   One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only [...]

By |2018-10-18T15:42:36+00:00October 22nd, 2018|Categories: Uncategorized|0 Comments

Will You Get a Refund or Owe for 2018?

Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and [...]

By |2018-10-18T15:40:51+00:00October 18th, 2018|Categories: Uncategorized|0 Comments

Reasonable Compensation and S Corporations

Article Highlights:   Payroll Taxes Corporate Officers Employees of a Corporation Reasonable Salaries Factors Flow-Through Deductions Wage Limitations Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual [...]

By |2018-09-20T16:59:15+00:00September 20th, 2018|Categories: Uncategorized|0 Comments

Disabled Taxpayer Tax Benefits

Article Highlights:   Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of children with disabilities may also qualify. Listed [...]

By |2018-09-18T19:17:03+00:00September 18th, 2018|Categories: Uncategorized|0 Comments

A Breakdown of the Proposed IRS 1040

Article Highlights:   The New Draft 1040 Form Comparing the Old and New 1040 Forms The Same Two-Page Length Six Additional Schedules Other Income Adjustments to Income Additional Taxes Nonrefundable Credits Other Taxes Other Payments and Refundable Credits Foreign Addresses and Third-Party Designees New Pass-Through Deduction Remember the IRS’s promise about being able to file [...]

By |2018-08-14T21:51:45+00:00August 23rd, 2018|Categories: Uncategorized|0 Comments