Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved...
The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI...
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. The rules applying to NOLs have changed and changed again. This article reviews how they’ve been revised, including most recently under the CARES Act....
The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. This brief article explains why it’s important for taxpayers to know their brackets....
Among the most important impacts of the Tax Cuts and Jobs Act is its increase of the standard deduction. This article explains how the increase has affected the strategy of “bunching” deductible medical expenses into one year to save tax dollars....
The Tax Cuts and Jobs Act has given business owners much to think about, including whether to change the structure under which their companies operate. This article explains what’s changed and offers some scenarios to ponder. A sidebar looks at what growth-focused businesses should think...
Now that most taxpayers have filed their 2018 tax returns, one troubling afterthought may come to mind: Could I get audited? This brief article discusses how the IRS goes about choosing returns to audit and why most people should breathe easy....
Now more than ever, small business owners need to double-check their tax returns before filing. Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. This brief article notes some important revisions....
This calendar notes important tax deadlines for the second quarter of 2019....
As the 2018 tax-filing season heats up, investors need to consider whether their objectives have changed and how the state of their portfolios will impact their tax liability. This article discusses important issues such as dividends and timing. A sidebar looks at why it’s important...
Simplified Employee Pension (SEP) plans can be flexible and, well, simple vehicles that small businesses can use to offer retirement benefits to employees. This article explains how they work and reminds readers that there’s still time to set one up to benefit on a 2018...
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
The Tax Cuts and Jobs Act made many changes to tax breaks for individuals. This article looks at some specific areas to review as one lays the groundwork for filing a 2018 tax return: personal exemptions, the standard deduction and the child credit....
This calendar notes important tax deadlines for the first quarter of 2019....
Smart timing of deductible expenses can reduce tax liability, and poor timing can unnecessarily increase it. One deductible expense that taxpayers may be able to control is their property tax payments. This article examines the prospect of prepaying property taxes that relate to this year...
Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to...
The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. This article provides some details that every family should know....
This calendar notes important tax deadlines for the second quarter of 2018....
