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 [...]
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) [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Article Highlights: Seriously Delinquent Tax Debt Exceptions Passport Denial or Revocation A lot of people get into tax debt at some point in their lives. While it's unfortunate, the majority of people who find themselves in debt work hard to repay it in a quick amount of time. If you're currently in tax debt then [...]
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Article Highlights: Sec 199A Deduction Qualified Business Income Threshold Specified Service Businesses Limitations Wage Limit Aggregating Amounts Note: The 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, [...]
