The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here’s what individuals and families need to know as they get ready for tax season.
Tag: Schedule A
2018 Tax Highlights Video
Video includes key information about the TCJA tax reform changes that will affect you in the upcoming tax season. The highlights consist mostly of the individual tax changes. Start collecting your documents now, so you’re ready to file taxes and
Interest on Home Equity Loans Still Deductible Under New Law
The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Despite newly-enacted restrictions on home mortgages, taxpayers will still generally be able to deduct interest on a home equity loan,
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns
The IRS announced on February 22 that its processing systems have been reprogrammed to handle the three benefits most likely to be claimed on returns filed early in the tax season. These benefits have been renewed as part of the Bipartisan Budget Act, enacted on February 9. As a result, you
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
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.
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.
Can I Claim My Expenses as Miscellaneous Itemized Deductions on Schedule A (Form 1040)?
Use the IRS Interactive Tax Assistant Tool to see if you can claim miscellaneous itemized deductions on your tax return. You may be able to deduct certain expenses related to producing or collecting taxable income. This topic addresses many of these
Tax Tips – Employee Business Expenses
Five Tips You Should Know about Employee Business Expenses If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here
Home Office Deduction
Top Six Tips about the Home Office Deduction If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent