AGI (Adjusted Gross Income) – DougFreemanCPA.com

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through …

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A review of significant TCJA provisions impacting individual taxpayers

529 Saving Plan, Exemptions, Gift and Estate Tax, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / By Douglas Freeman

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on …

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

401K, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings / By Douglas Freeman

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions …

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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 / By Douglas Freeman

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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