Monthly Archives: August 2018

//August

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

Did You Pay Too Much Tax in Prior Years?

Article Highlights   Overlooking Tax Benefits Last Three Years Can Be Amended Sampling of Commonly Overlooked Benefits Professional Review Have you been preparing your own returns? If not, did you have someone prepare it who didn’t take the time to query you about possible tax deductions, credits or filing status options? If you answered either [...]

By |2018-08-08T22:39:20+00:00August 21st, 2018|Categories: Uncategorized|0 Comments

How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction

Article Highlights:   20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an [...]

By |2018-08-08T22:41:54+00:00August 17th, 2018|Categories: Uncategorized|0 Comments

Clergy Tax Benefits Under Fire

Article Highlights:   Parsonage Allowance Income Tax Exclusion Pending Court Case Tax Reform Suspension of Employee Business Expenses Self-Employment Tax Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance [...]

By |2018-08-08T22:39:50+00:00August 13th, 2018|Categories: Uncategorized|0 Comments

A Mid-Year Tax Checkup May Be Appropriate

Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought [...]

By |2018-08-08T22:21:10+00:00August 8th, 2018|Categories: Uncategorized|0 Comments

Big Changes for Vehicle Tax Deductions

Article Highlights:   Standard Mileage Rates Actual Expense Method Vehicle Depreciation Vehicle Interest Expenses Sale or Trade-in of a Business Vehicle Employees In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. [...]

By |2018-07-24T18:21:36+00:00August 1st, 2018|Categories: Uncategorized|0 Comments