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Tax Deduction

Be sure your employee travel expense reimbursements will pass muster with the IRS

Business Travel Deductions, Business Travel Expense, Deductable Expenses, Internal Revenue Service, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction /

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, […]

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The tax deduction ins and outs of donating artwork to charity

Charitable, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings, Uncategorized /

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit

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You might save tax if your vacation home qualifies as a rental property

Personal Residence, Property Tax, Rental Expenses, SALT, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Vacation Rental /

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on

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Do you need to make an estimated tax payment by September 17?

Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Withholdings /

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely

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Back-to-school time means a tax break for teachers

AGI (Adjustable Gross Income), Deductable Expenses, Income Tax, Individual Income Tax, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings /

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the

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Keep an eye out for extenders legislation

Bipartisan Budge Act of 2018, Income Tax, Internal Revenue Service, PATH Act, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Reform 2.0 /

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. Recent history– Back in December of

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Choosing the right accounting method for tax purposes

Accrual Method of Accounting, Cash Method of Accounting, Hybrid Method of Accounting, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Tax Withholdings /

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of

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Do you still need to worry about the AMT?

AMT (Alternative Miminum Tax), Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Ordinary Income Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize

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Do you qualify for the home office deduction?

Deductable Expenses, Home Office Deduction, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Savings /

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses– Homeowners know that they can

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Why the “kiddie tax” is more dangerous than ever

Income Tax, Individual Income Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax

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