TCJA

TCJA temporarily lowers medical expense deduction threshold

February 8th, 2018|Categories: ACA, Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: ACA, Accounting, exemptions, expense, IRS, tax, tax credits, tax preparation, tax return, TCJA, The Burns Firm|

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

February 6th, 2018|Categories: ACA, Accounting, Burns Firm, Business, C Corporation, Exemptions, Partnership, Retirement Plan, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: ACA, Accounting, deductions, eligiblility, exemptions, expense, IRS, Jobs Act, Retirement, Retirement Plan, tax, tax credits, Tax cuts, tax preparation, tax return, TCJA, The Burns Firm|

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 [...]

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