On 2/9/18, the U.S. government passed a $400 billion budget bill that retroactively renews about 30 tax breaks that expired at the end of 2016, allowing taxpayers to claim them on the 2017 returns they file this year. The IRS
Category: Tax Deductions
2018 Tax Reform – Tax Law Changes
On December 22, 2017 the President signed into law H.R. 1 (officially titled ‘An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018’). The legislation was originally
Tax Tips – Individual Retirement Arrangements (IRA) Info
Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs:
Tax Tips – Uber, Lyft, and Other Ride-Share Drivers
Ride-Sharing Services Instead of sitting at home watching TV reruns during their down time, some of people are making extra cash by offering their services in the shared economy. One of the most popular methods is to become a driver for
What Deduction Should You Take – Itemized or Standard?
Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money
February Challenge – Tax Filing Time!
Get Your Taxes Done in 3 Simple Steps We all know filing taxes isn’t fun for most of us. That’s why TACCT Taxes is here to provide your tax preparation needs. It’s not complicated to get prepared for your tax
Self-Employed Tax Tips
Tax Tips for the Self-Employed Prior to tax planning, you must understand the difference between a self-employed individual and one who works full-time. You should also know that self-employed professionals do not get taxes deducted from their pay.
How to Report Gambling Income and Losses on Your Tax Return
Six Tips on Gambling Income and Losses Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler.
2017 Mileage Rates Lowered by IRS
The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, standard mileage rates for the use of a car
Tax Saving Strategies
Using these smart tax savings strategies will help you get off to a good start and may help you save more money. Check Your W-4 This year, you may have started a new job, new marital status or family member.