2018 Standard Mileage Rates Announced
Article Highlights: Standard Mileage Rates for 2018 Business, Charitable and Medical Rates Important Considerations for 2018 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used […]
Will Your 2018 Withholding Be Right?
Article Highlights: Tax Cuts & Jobs Act Wage Withholding Tables W-4 Be Cautious with Adjusted Withholding Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might effect […]
Meals & Entertainment Expenses Post Tax Reform
Tax reform imposed limitations on food, beverage and entertainment expenses. Expenses considered entertainment are not deductible at all during the years 2018 through 2025. The tax reform act also imposed a number of restrictions on food and beverage expenses as explained below. Feel free to share and embed this infographic on your website. Embed code […]
Hidden Tax Benefits: How Equitable Ownership Can Maximize Your Mortgage Interest and Tax Deductions
Article Highlights: Equitable Ownership Who Qualifies as an Equitable Owner? Tax Implications of Being an Equitable Owner Mortgage Interest Deduction Property Tax Deduction Examples of Equitable Ownership Examples Where Taxpayers Were Not Equitable Owners Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though […]
It’s Tax Time! Plan Ahead For Your Appointment
Are You Ready? If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your […]
Important Information On How Tax Reform Effects Business Entertainment
Important Information On How Tax Reform Effects Business Entertainment
Keep More of What You Make
Saving Money to Insure Your Future The Smiths are college graduates with two healthy children, good jobs, a home worth about $325,000 (median home value in 2018) and two relatively new cars. To the casual observer, they’re doing well. Yet anyone taking a close-up look would find a few flaws in their situation, especially when […]
Tax Deductions for Firefighters
Professional Fees & Dues: Dues paid to professional societies related to your profession are deductible. These could include professional organizations, business leagues, trade associations, chambers of commerce, boards of trade and civic organizations. However, dues paid for memberships in clubs organized for business, pleasure, recreation or other social purpose are not deductible. These could include country […]
Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?
Article Highlights: $600 Threshold Exceptions Form W-9 Impact of Tax Reform 1099-MISC Filing If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and […]
Video Tips: Unlocking Tax Benefits Through Equitable Ownership
The tax implications of being an equitable owner are significant, as they enable taxpayers to benefit from deductions that would otherwise be unavailable. Understanding equitable ownership and its tax implications can help taxpayers make informed decisions about property ownership and maximize their tax benefits.