
Tax Changes Coming After 2025
Tax Planning, Tax ReformArticle Highlights:
Standard Deductions
Personal & Dependent Exemptions
Child Tax Credit
Home Mortgage Interest Limitations
Tier 2 Miscellaneous Deductions
Phaseout of Itemize Deductions
SALT Limits
Moving Deduction
…

Reconstructing Tax Records for Individuals
Tax ReformArticle Highlights
Advance Preparedness
Cloud Storage
Copies of Returns or Return Transcripts
Records of Personal Residence and Real Property
Vehicles
Personal Property
Business Records
Hurricanes, fires, floods, tornadoes…

Did You Overlook Something on a Prior Tax Return?
Tax Reform, Tax Tips, TaxesArticle Highlights:
Repercussions of Incorrect Tax Returns
Filing Amended Returns
Statute of Limitations for Refunds
Potential of Audit
It is not uncommon to discover that an item of income was overlooked, a deduction was not…

States’ SALT Deduction Workarounds Shot Down
2018 Tax Laws, Tax Planning, Tax Reform, TaxesThe Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT).
When the Tax Cuts and Jobs Act (TCJA),…

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
2018 Tax Laws, Business, Deductions, Entrepeneurship, Self-Employment, Tax Planning, Tax Reform, Tax Tips, TaxesNote: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…

Employees’ Fringe Benefits after Tax Reform
Business, Employees, Tax ReformTax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted by tax changes. These changes can affect…

Relief from the Affordable Care Act Penalty for Not Being Insured
Tax Reform, TaxesBeginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply.
The elimination of this penalty as of 2019 does not impact…

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
Real Estate, Tax ReformAs part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each…

Don’t Overlook Tax Credits
2018 Tax Laws, Tax Reform, TaxesDon’t Overlook Tax Credits
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including…

Most Common Types of IRS Tax Problems
2018 Tax Laws, Tax Reform, Tax Tips, TaxesReceiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike…