Tips for Victims of Identity Theft
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 […]
Taxpayers Find Gift Tax Reporting Confusing
Article Highlights: Gift Tax Return Filing Requirements Lifetime Estate Exclusion Annual Gift Exclusion Tuition and Medical Exclusions Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned […]
Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?
Article Highlights: Background New Limit Equity Debt Interest Interest Tracing Refinancing The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their tax […]
Is Your Individual Taxpayer Identification Number Expiring?
Article Highlights: Expiring ITINs Renewal Process IRS Notice Spouses or Dependents Family Renewal Option Filing With An Expired ITIN Passports The IRS recently announced that approximately 2.7 million Individual Taxpayer Identification Numbers (ITINs) will be expiring at the end of 2018 and will need to be renewed. ITINs are used by people who have tax […]
Moving Deductions are Kaput
Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least […]
Making Estimated Tax Payments
Why Pay Estimates? The tax system is intended to be a “pay-as-you-go” system, and the only way to prepay taxes is through withholding and estimated taxes. Generally, payroll comes to mind when we think about withholding, but withholding is also available through a variety of other means, including pension income and Social Security payments. However, […]
A Mid-Year Tax Checkup May Be Appropriate
Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought […]
Clergy Tax Benefits Under Fire
Article Highlights: Parsonage Allowance Income Tax Exclusion Pending Court Case Tax Reform Suspension of Employee Business Expenses Self-Employment Tax Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid […]
Tips On Filing Your Tax Return
Deadline for Filing Your Return Generally, individual tax returns are due on the 15th day of the fourth month after the close of your tax year. Since virtually all individual taxpayers file on a calendar year, the due date for most individual taxpayers is April 15. That is the due date for both filing your […]
Did You Pay Too Much Tax in Prior Years?
Article Highlights Overlooking Tax Benefits Last Three Years Can Be Amended Sampling of Commonly Overlooked Benefits Professional Review Have you been preparing your own returns? If not, did you have someone prepare it who didn’t take the time to query you about possible tax deductions, credits or filing status options? If you answered either question […]