If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded: Section 179 The annual amount of qualified assets that may be expensed (instead of...
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a...
Here are five common retirement planning mistakes and steps you can take to avoid them. 1. Not having a plan Surprisingly, most do not know how much money is needed for retirement. A retirement plan should consider how long you expect to live, establish an estimate of...
A U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders. This will have wide-reaching effects on small businesses and consumers. Here’s...
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS. So, be careful if you...
If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So...
The taxation of alimony will change drastically starting in 2019. Here’s what you need to know: New rules Any divorce agreement effective after Dec. 31, 2018 will be subject to new rules for alimony, namely: Alimony is no longer tax-deductible for the payer. Alimony is no longer...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Normal due date: Friday, June 15th 2018 SPECIAL NOTICE: With major tax law...
The savings limits for the ever-popular health savings accounts (HSA) are now set for 2019. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account used to pay qualified health care costs for...
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: summer camp! Using the Child and Dependent Care Credit, you can be reimbursed for part of the...
