Welcome to your tax reform summary. A lot of this applies to 2018 tax returns which are due in 2019. Changes apply to tax brackets, deductions, exemptions, child tax credit, mortgage interest, property taxes, Unreimbursed Employed Expenses (Form 2106), Medical Expenses, Alimony, Roth Conversions, Stock, Capital Gains, Section 199A Qualified Business Income Deduction, Moving Expenses, [...]
The Tax Cuts and Jobs Act makes major changes to individual income taxation. These include a reduction in the number of tax brackets, an increase in the standard deduction, repeal of personal exemptions, a reduced maximum rate on business income, an increase in the child tax credit and a new family tax credit, repeal of [...]
Starting the new year as a new parent? No worries. There might be some insecurities related to your becoming a new parent and you might even wonder what this has to do with taxes. We understand how challenging it is to cope with a new bundle of joy but this should not be a reason [...]
Those student loans might keep you from concentrating well on your studies or from enjoying life in general. Don’t let these thoughts trouble you and be ahead of yourself by making sure you keep track on your student loan every now and then. When holidays come and you want to spend extra money, you might [...]
Starting a business may bring about a certain degree of fear and anxiety. It does not always portray a bed of roses, but you should understand that taxes related to your business plan should not hinder you from starting that small business you dream of. This fear of the unknown can be addressed with a [...]
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax: Net Investment Income Tax. The law requires [...]
Even if you’ve never paid the Alternative Minimum Tax, before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay this tax if your income is above a certain amount. AMT attempts to ensure that taxpayers [...]
If you get tips on the job, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: Show all tips on your return. You must report all tips you receive on your federal tax return. This includes the [...]
If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine whether or not you need to pay taxes on your benefits. They also explain the best way to file your tax return. Form SSA-1099. If you received Social Security [...]
Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: Early Withdrawals. An early withdrawal normally means taking the money [...]