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Tax Reform Latest News “On December 2, the Senate, by a vote of 51 to 49, passed its version of the “Tax Cuts and Jobs Act” (the Act). The Act would drastically overhaul the U.S. tax system, including changes to individual tax rates, doubling the standard deduction, and suspending many deductions including personal exemptions. The Act would also eliminate one…
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The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses for the year already exceed…
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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
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Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018.
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Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases. Section 179 expensing Sec. 179 expensing allows businesses to deduct up…
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Expats, dual citizens, digital nomads: all people who may retain American citizenship but don’t spend much time in the US which can lead to serious headaches at tax time. Here are some tips to help you understand your dual citizen and expat taxes. Why Do I Need to File a Tax Return if I Don’t Live in the US Anymore?…
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The breadth of our life experiences and changes that occur as we mature always have wider tax implications. The major milestones of our lives bring both tax benefits and liabilities. Almost every milestone we reach, whether it includes the excitement of change or the sadness of loss, directly or indirectly affects our status as a taxpayer. For example: Getting married…
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If you can afford health insurance but you don’t wish to buy it expect a higher federal income tax bill for 2015. Under the Affordable Care Act, unless you have a health coverage exemption, the IRS will assess an additional penalty, using the higher result of the following two criteria: 2% of your yearly earnings: The amount of income above…
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The majority of taxpayers pay their taxes due annually when filing their tax return for the year. In some circumstances, however, taxes must be paid to the IRS on a quarterly basis. These tax payments are called estimated taxes because they are based on the amount of income that an individual or business expects to make for the year.
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Tax deductions and credits help taxpayers reduce their tax liability. The differences between the two are in their definitions: A tax deduction reduces your gross income and arises from a deductible expense. Taxpayers can take a standard deduction up front or itemize expenses. A tax credit is an amount of money applied directly to the tax liability. Tax credits are…
Category “Tax Tips”
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