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Is the New 1040 “Postcard” Tax Return Form as Easy as It Claims to Be?

The IRS unveiled a draft of the new 2018 Form 1040 over the summer which consolidates Form 1040, 1040A, and 1040EZ into one supposedly simpler postcard-sized form. The only problem is there are now 2 pages of the postcard 1040 and six new schedules. Here’s a link

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Meals & Entertainment Changes Under Tax Reform

A lot has changed in the deductibility of meals and entertainment expenses.  This chart will help you easily see the changes. Event 2017 Expenses (Old rules) 2018 Expenses (New rules) Office Holiday Party or Picnic 100% deductible 100% deductible Client Business Meals 50% deductible if taxpayer is

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Tax Planning is Key This Year

If there ever was a year for tax planning, now is the time!  Some people and businesses will be in for a big surprise this year because of all of the changes in the tax law for the 2018 year.  Many people will be underwithheld on their

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2018 Tax Law Changes for Individuals: Understanding Standard vs. Itemized Deductions

Now that the Standard Deduction has nearly doubled, many taxpayers won’t need to itemize their deductions, which will streamline the tax return process. New Standard Deduction Amounts Single filers = $12,000 deduction (up from $6,350) Head of Household filers = $18,000 (up from $9,350) Married Filing Joint

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Is Your Business an SSTB? (And Why Do You Care?)

QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be

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High Income Wages: How & Why the Amount Will Affect Your Tax Return

More and more taxpayers are having deductions and credits either limited or completely disallowed, or additional taxes assessed, because of the level of their adjusted gross income (AGI). AGI is your income minus qualified deductions, i.e. alimony, student loan interest. Check the list below to see if

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The New 20% Small Business Deduction

There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify

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Tax Changes Affecting Small Businesses

In 2018, the Tax Cuts and Jobs Act entered into effect. Though this act was primarily billed as helping large corporations, it also made changes relevant to small and mid-sized businesses. For small business owners, these tax law changes are best countered by planning ahead for the year

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2018 Tax Law Changes for Businesses: Understanding the Tax Cuts and Jobs Act

With the largest tax law update in over 30 years, navigating the course with the new laws can be confusing.  Businesses need to be aware of these changes and consult with their tax professional to get advice so they can be knowledgeable of their options and plan

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Earned Income Credit – IRS Gives Free Money to Certain Taxpayers

I want free money!!  How do I get it?  Back in 1975, Congress approved this Earned Income Credit (EIC) to provide an incentive to working taxpayers.  To qualify, you must meet certain requirements. To receive earned income credit you must have earned income from employment (W-2), self-employment

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Reiser & Company, LLC

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