Archive for the Tax Category

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

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

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

In this article, we’ll share some of the highlights of the tax changes for 2018 as they relate to individuals. Use this as a type of checklist, and feel free to contact us on any point so we can provide additional details as to how it might

Sometimes there are economic reasons why people convert their personal residence to a rental.  Maybe they are not able to sell the home.  Or, their family has been downsized due to kids leaving or a divorce.  Or, maybe health or financial reasons will motivate this change.  First,

Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation.

Clothing. A gold watch. A $100 gift certificate in a greeting card. These are some of the types of gifts that most of us give to others, and let’s face it – with gifts like that, the majority of us won’t ever need to worry about filing

Not much is harder in life than going through a separation or divorce.  Figuring outhow to handle your taxes before, during, and after a divorce is right up there with the most difficult of challenges. So, before you make big moves to separate or divorce, know the

There are numerous changes effective for tax year 2018 that will affect taxpayers who normally itemized deductions. Here is a summary of the changes. Taxes In 2017, property taxes, and state and local income taxes were deductible. Taxpayers can elect to deduct sales tax in lieu of

The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals: Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050 per person.