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Article Highlights: Annual MileageOptional (Standard) Mileage Method Actual-Expense MethodVehicle DepreciationLuxury-Vehicle LimitsSUVsInterest ExpensesBusiness-Vehicle Sales or Trade-insEmployeesPlug-in Electric Vehicle Credits TheTax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first [...]

Article Highlights: Time to gather your information for your tax appointmentNew for 2018Choosing your alternativesTips for pulling your information together Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this [...]

Article Highlights: Pre-2019 AlimonyPost-2018 AlimonyDefinition of AlimonyAlimony and IRA ContributionsState Treatment of Alimony Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide [...]

The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want [...]

Article Highlights: Tax Cuts and Jobs Act Reinvested Gains Enhanced Basis Qualified Opportunity Funds Partnerships Qualified Opportunity Zones   Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate [...]

Article Highlights   Uninsured Penalty Employer Plans Health Reimbursement Plans Self-Employed Health Insurance Deduction Itemized Deductions Deductible Medical Insurance The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year [...]

Article Highlights:   $250 Above-the-Line Teachers’ Deduction Eligibility for the $250 Deduction Tax Benefit Deduction Option Charitable Option It is quite common for teachers to spend their own money on classroom supplies – so common, in fact, that a few years back, Congress created a special deduction that allowed teachers to deduct up to $250 [...]

Article Highlights:   Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed [...]

Article Highlights:   One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only [...]

Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and [...]