Article Highlights: Background New Limit Equity Debt Interest Interest Tracing Refinancing The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their tax [...]
The hardest part of creating a budget is getting started. QuickBooks Online provides tools that can jump-start the process. QuickBooks can be a great help to businesses so it is very welcome news that quickbooks for landscaping businesses is now available. You know you should have a budget. You’re aware that it can help [...]
Article Highlights: * What is unclaimed property? * How can you find unclaimed property? * What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer [...]
Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of the most recent tax reform, the standard deduction for single individuals jumped from $6,350 in 2017 to $12,000 in 2018, meaning your [...]
Article Highlights: Credit For Child Care Credit Percentage Child Qualifications Employment-Related Expense Taxpayer Earnings Limits Full-Time-Student or Disabled Spouse Qualifying Care State Credit It is almost summertime. Have you figured out what to do with the kids while they are out of school and you are at work? There are possibilities that may qualify [...]
Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods to determine if they are the most beneficial permissible method applicable. It is important to work [...]
Article Highlights: Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, [...]
Article Highlights: What Is Alimony? Decrees before 2019 Decrees after 2018 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 affect you and your [...]
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 [...]
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 [...]
