September 29, 2015
Incredible to think that the tax year 2014 season is about to close for good on October 15th. Amazingly, the months of 2015 continue to slip by unnoticed and suddenly that "absolutely gotta get 'em done" date is upon us. Take the time now to call your accountant and get things squared away if you haven't filed yet!
For those which have already filed their returns, there's no better time than now to start thinking about putting the final touches on tax planning and strategy for the 2015 tax year. There have been a few changes that need to be considered. We're here to help so give us a call!
Do I still have enough to itemize?
Since before I can remember, taxpayers have had the option of reducing their income (to arrive at taxable income) by using either the standard deduction or itemized deductions. It was the one place on the tax return where most folks felt like the IRS granted them a little bit of favor…because you got to deduct whichever...
What’s going on with my exemptions under the Tax Cuts and Jobs Act (TCJA)?
Under the former law, which of course applies to the tax returns being filed for 2017, taxpayers can claim a personal exemption for themselves, their spouse (if filing jointly) and each qualifying child or relative. Each of these exemptions allowed taxpayers to reduce their taxable income by...
As we all know (if you don’t, I’m not sure what rock you’ve been sleeping under), Congress presented and the President signed in to law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. This law amends the Internal Revenue Code of 1986.
This new law affects us all. No taxpaying person in the United States will escape these changes. For some of...