Archive

11Jun2018

Good and Bad News about the Home Office Tax Deduction

    Article Highlights: Home Office Qualifications Actual-Expense Method Simplified Method Income Limitation Employee Deduction “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for
  • 11 Jun, 2018
  • Jacqueline Cran
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07Jun2018

Big Changes to the Kiddie Tax

    Article Highlight: Prior Law New Law Earned Income Unearned Income Fiduciary Rates Strategies Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’ higher tax bracket
  • 7 Jun, 2018
  • Jacqueline Cran
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04Jun2018

Summer Employment for Your Child

  Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer break is here, and your children may be looking for summer employment. With the passage of the most recent tax reform, the standard deduction for single individuals jumped from $6,350 in 2017 to $12,000 in 2018, meaning your child
  • 4 Jun, 2018
  • Jacqueline Cran
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01Jun2018

June 2018 Tax Due Dates

    June 2018 Individual Due Dates   June 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 11. Your employer is required
  • 1 Jun, 2018
  • Jacqueline Cran
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17May2018

Tax Reform Suspends the Tax Deduction for Employee Business Expenses

Article Highlights:   Employee Business Expenses Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Accountable Reimbursement Plan Occupations Impacted   Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were
  • 17 May, 2018
  • Jacqueline Cran
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14May2018

2018 Tax Planning

Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for
  • 14 May, 2018
  • Jacqueline Cran
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10May2018

Solar Tax Credit: The Dark Side

Article Highlights:   Solar Promotions Solar Tax Credit Nonrefundable Credit Financing Costs Solar Credit Phase-out Leasing a Solar System   There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30%
  • 10 May, 2018
  • Jacqueline Cran
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07May2018

I Didn’t File My Tax Return; Now What?

    There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life
  • 7 May, 2018
  • Jacqueline Cran
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03May2018

Taxes and Divorce

      Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Medical Insurance Earned-Income Tax Credit Alimony If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset
  • 3 May, 2018
  • Jacqueline Cran
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30Apr2018

Don’t Toss Those Tax Records Yet!

    Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons:
  • 30 Apr, 2018
  • Jacqueline Cran
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