States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
2018 Tax Laws, News, Tax NewsFour states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending that limiting the deduction is unconstitutional.…
133,000 Injured Veterans Entitled to Tax Refunds
Tax News, TaxesAs a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
Credit for Family and Medical Leave Benefits
Tax News, TaxesArticle Highlights:
Written Leave Policy
Variable Credit
Qualifying Employee
Qualifying Leave
Time Limits
General Business Credit
The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers…
Got a Letter from the IRS?
Tax News, Tax Tips, TaxesArticle Highlights:
Confirm the Letter Was Not Sent in Error
Examine the Contents
Avoid Procrastination, Which Leads to Bigger Problems
Send Any Payments
Consider Change-of-Address Complications
Be Aware of ID Theft
If…
Summer Employment For Your Child
Tax News, Tax Tips, TaxesArticle Highlights
Higher Standard Deduction
IRA Options
Self-Employed Parent
Employing Your Child
Tax Benefits
Summer is just around the corner, and your children may be looking for summer employment. With the passage of…
Preparing for Taxes for 2018 and Beyond
Business, Tax News, Tax Tips, TaxesArticle Highlights:
Increase In Standard Deduction
Loss of Personal Exemptions
Changes to Itemized Deductions
Bunching Strategy
Employee Business Expenses
Business Expensing
20% Flow-through Income Deduction
Change…
You May Not Get a Tax Refund Next Year
Tax News, Tax Tips, Taxes, UncategorizedArticle Highlights:
Payroll Withholding
W-4
2018 Tax Projection
Adjusting Withholding
With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns…
Don’t Toss Those Tax Records Yet!
Tax News, Tax Tips, TaxesArticle Highlights:
Reasons to Keep Records
Statute of Limitations
Maintaining Record of Asset Basis
Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need…
Not-Being-Insured Penalty Eliminated
Tax News, TaxesArticle Highlights:
Shared-Responsibility Payment
Originated in 2014
Fully Effective in 2016
How It Is Calculated
Eliminated in 2019
Note: This one of a series of articles that explain how the various tax changes in the GOP’s…
Tax Filing Deadline Rapidly Approaching
Tax News, Tax Tips, TaxesHighlights:
2017 balance due payments
IRA contributions for 2017
Estimated tax payments for first quarter 2018
Statute of limitation 2018 refunds
Just a reminder that the due date for 2017 tax returns is April 17, 2018! There…