Tax deduction for moving costs: 2017 vs. 2018

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, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The … Continued

International Tax Monthly – February 2018 Issue

New Tax Law Includes Loophole that lets Taxpayers Trim Tax on Repatriated Income A loophole in the Tax Cuts and Jobs Act (TCJA) could allow multinational corporations like Apple to avoid paying billions of dollars in taxes on profits stashed overseas. The TCJA imposes a transition tax on untaxed foreign earnings of foreign subsidiaries of … Continued

TCJA temporarily lowers medical expense deduction threshold

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 may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. … Continued

2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

2 tax credits just for small businesses may reduce your 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 that the Tax Cuts and Jobs Act has reduced or … Continued

Tax Reform Law: Topics of Special Interest for Individuals

Tax Reform Law: Topics of Special Interest for Individuals As you’ve heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit on deducting state … Continued

Let’s Take a Closer Look at New Business Tax Reforms

Let’s Take a Closer Look at New Business Tax Reforms The Tax Cuts and Jobs Act (TCJA) provides businesses with more than just lower income tax rates and other provisions you may have heard about. Here’s an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could affect … Continued

Can you deduct home office expenses?

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 will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a … Continued

Personal exemptions and standard deductions and tax credits, oh my!

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 go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or … Continued

Don’t be a victim of tax identity theft: File y our 2017 return early

Don’t be a victim of tax identity theft: File your 2017 return early The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension … Continued