Home Energy Improvement Credit Is Enhanced
Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to […]
Gambling – Income Tax Conundrum
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Employee Business Expenses & Tax Reform
Article Highlights: Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Employee Business Expenses Employee Reimbursement Plan (Accountable Plan) Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, […]
Sold Your Home Last Year? Thinking of Selling? Read This!
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Senate Passes Tax Bill; What’s Next?
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Should You Be Keeping Home Improvement Records?
Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the tax code’s exclusion for home gains explained as follows. Under the current version of the tax […]
Business Owners Beware – New Tax Law Severely Limits Entertainment Deductions
Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of […]
Video Tips: Selling a Home? Consider These Potential Tax Benefits
Many people move during the summer. Taxpayers who are selling their home may qualify to exclude from their income all or part of any gain from the sale when filing their tax return.
Do You Use Your Vehicle for Business Purposes?
You should know the standard mileage rate for 2018 increased to 54.5 cents per mile. The standard mileage rate for each year is based on vehicle operating costs in the prior year as determined in a cost study contracted by the IRS. Tax reform has changed some of the tax rules. Watch below to learn […]
Divorced, Separated, Married or Widowed? Unpleasant Surprises May Await You at Tax Time
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]