Home-related tax breaks are valuable on 2017 returns, but will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a [...]
Leasing Property to Your C Corp
It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]
Getting a Divorce? Divide Assets and Tax Bills
With a divorce, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split up in [...]
Size of Charitable Deductions Depends on Many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more [...]
IRS Approved Family Loan
Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers and why [...]
Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, [...]
Families with College Students May Save Tax on Their 2017 Returns With One of These Breaks
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. [...]
Insuring Employees Who Drive Their Own Cars
In many companies, employees drive during the course of their jobs — to make deliveries, call on customers or pick up supplies. In some cases, they use their own cars, [...]
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that [...]
2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]
Inventory Your Possessions
Nearly 60% of Americans don't have a home inventory of their possessions, and of those that do, 48% don't have any receipts evidencing their value.¹ It's great to have insurance [...]
Standard Mileage Rates for 2018 Up from Rates for 2017
The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]
Can you deduct home office expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers [...]
Tax Reform 2018
The new tax reform law— commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) —is the most significant tax legislation in decades. Now businesses and individuals are trying [...]
Personal Exemptions and Standard Deductions and Tax Credits, oh my!
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will [...]