3 big TCJA changes affecting 2018 individual tax returns and beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. [...]

By | 2019-02-12T12:57:22+00:00 February 13th, 2019|Tax|0 Comments

Why you shouldn’t wait to file your 2018 income tax return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What [...]

By | 2019-02-05T11:37:32+00:00 February 6th, 2019|Tax|0 Comments

Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain [...]

By | 2019-01-22T11:52:37+00:00 January 23rd, 2019|Business, Tax|Comments Off on Many tax-related limits affecting businesses increase for 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs [...]

By | 2019-01-14T14:01:45+00:00 January 16th, 2019|Business, Tax|Comments Off on Higher mileage rate may mean larger tax deductions for business miles in 2019

Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a [...]

By | 2019-01-07T12:32:48+00:00 January 9th, 2019|Business, Tax|Comments Off on Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file [...]

By | 2018-12-28T11:07:36+00:00 January 2nd, 2019|Business, Tax|Comments Off on A refresher on major tax law changes for small-business owners

You may be able to save more for retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions [...]

By | 2018-12-26T15:17:29+00:00 December 27th, 2018|Tax|Comments Off on You may be able to save more for retirement in 2019

Check deductibility before making year-end charitable gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, [...]

By | 2018-12-04T16:49:26+00:00 December 5th, 2018|Tax|Comments Off on Check deductibility before making year-end charitable gifts

When holiday gifts and parties are deductible or taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the [...]

By | 2018-11-26T13:18:37+00:00 November 28th, 2018|Business, Tax|Comments Off on When holiday gifts and parties are deductible or taxable

Mutual funds: Handle with care at year end

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to [...]

By | 2018-11-14T10:11:56+00:00 November 14th, 2018|Tax|Comments Off on Mutual funds: Handle with care at year end
Load More Posts