Yearly Archives: 2018

/2018

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|Comments Off on Did You Pay Too Much Tax in Prior Years?

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

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|Comments Off on Clergy Tax Benefits Under Fire

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|Comments Off on A Mid-Year Tax Checkup May Be Appropriate

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|Comments Off on Big Changes for Vehicle Tax Deductions

Is an Inheritance Taxable?

Article Highlights: Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step-up in Basis Community Property Deferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to [...]

By |2018-07-24T18:15:14+00:00July 30th, 2018|Categories: Uncategorized|Comments Off on Is an Inheritance Taxable?

Taxation of Legal Settlements or Awards

Article Highlights: Physical Injury and Physical Sickness Wrongful Death Emotional Distress Previously Deducted Medical Expenses Employment Discrimination Age Discrimination Unpaid or Disputed Employment Earnings Interest Settlements Legal Costs The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws [...]

By |2018-07-24T18:11:00+00:00July 26th, 2018|Categories: Uncategorized|Comments Off on Taxation of Legal Settlements or Awards

Procrastinating on Filing Your Taxes?

Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may [...]

By |2018-07-24T18:02:17+00:00July 24th, 2018|Categories: Uncategorized|Comments Off on Procrastinating on Filing Your Taxes?

The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business, which is why many of them hire in a firm like Joshua Wilson CPA to help them out. Doing accounting by themselves, comes a few common mistakes. Yet, even simple small business accounting mistakes [...]

By |2018-07-17T17:57:52+00:00July 17th, 2018|Categories: Uncategorized|Comments Off on The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

Moving Deductions are Kaput

Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation (and was likely in need of services like CarsRelo to help them achieve this) could deduct their unreimbursed moving expenses if [...]

By |2018-07-11T20:16:53+00:00July 13th, 2018|Categories: Uncategorized|Comments Off on Moving Deductions are Kaput