Tax Changes Coming After 2025

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Article 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

Article 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? 

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Article 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

States’ SALT Deduction Workarounds Shot Down

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The 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?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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Note: 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

Employees’ Fringe Benefits after Tax Reform

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Tax 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

Relief from the Affordable Care Act Penalty for Not Being Insured

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Beginning 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

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership

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As 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…
IRS Clergy Tax Changes

Don’t Overlook Tax Credits

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Don’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

Most Common Types of IRS Tax Problems

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Receiving 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…