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1 05, 2018

How to Understand Common IRS Tax Terms

By | 2018-04-24T18:16:14+00:00 May 1st, 2018|Categories: Uncategorized|0 Comments

Article Highlights Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate. Alternative minimum tax (AMT) Tax Credits Underpayment of estimated tax penalty When discussing taxes, reading tax related articles or instructions one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are [...]

26 04, 2018

You May Not Get a Tax Refund Next Year

By | 2018-04-24T18:10:18+00:00 April 26th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Payroll Withholding W-4 2018 Tax Projection Adjusting Withholding   With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time [...]

24 04, 2018

Don’t Toss Those Tax Records Yet!

By | 2018-04-24T18:12:04+00:00 April 24th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis   Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) [...]

7 03, 2018

New Tax Law Cracks Down on Home Mortgage Interest

By | 2018-02-22T16:04:27+00:00 March 7th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Acquisition Debt Interest Equity Debt Interest Consumer Interest New Tax Law Changes Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and [...]

7 03, 2018

Medical Deductions & The New Tax Law

By | 2018-02-22T16:02:32+00:00 March 7th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred [...]

5 03, 2018

Tax Reform Puts a Cap on Deducting Business Losses

By | 2018-02-22T16:00:04+00:00 March 5th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Excess Business Loss Computing the Loss Limits Net Operating Losses (NOL) NOL Carryovers Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could [...]

2 03, 2018

Business Owners Beware: New Tax Law Severely Limits Entertainment Deductions

By | 2018-02-22T15:58:21+00:00 March 2nd, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Business Entertainment Expenses Business Meals Directly Related To Test Associated With Test Employee Meals Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December 2017, could affect [...]

28 02, 2018

Surprise! Extender Bill Passed: Do You Benefit?

By | 2018-02-22T15:56:52+00:00 February 28th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Mortgage Insurance Premiums Above-the-Line Education Expenses Exclusion of Home Cancellation of Debt Income Credit for Nonbusiness Energy Property Credit for New Qualified Fuel Cell Motor Vehicles Credit for Alternative Fuel Vehicle Refueling Property Credit for 2-Wheeled Plug-In Electric Vehicles Credit for Energy-Efficient New Homes Race Horses as 3-Year Property Energy Efficient Commercial Buildings [...]

26 02, 2018

If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips

By | 2018-02-21T00:07:05+00:00 February 26th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Seriously Delinquent Tax Debt Exceptions Passport Denial or Revocation As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State [...]

22 02, 2018

9 Best Ways to Start a Business Budget to Spur and Guide Growth

By | 2018-02-21T00:02:13+00:00 February 22nd, 2018|Categories: Uncategorized|0 Comments

Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business, [...]