Archive

17Dec2018

Wonder What a Tax Deduction is Worth?

  Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Business deductions Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed
  • 17 Dec, 2018
  • Jacqueline Cran
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13Dec2018

When to Claim a Disaster Loss

  Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially
  • 13 Dec, 2018
  • Jacqueline Cran
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10Dec2018

If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know

    Article Highlights: Winnings W-2G Reporting Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B and D Premiums Online Gambling Accounts   Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for
  • 10 Dec, 2018
  • Jacqueline Cran
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29Nov2018

December 2018 Tax Due Dates

  December 2018 Individual Due Dates   December 3 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call
  • 29 Nov, 2018
  • Jacqueline Cran
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27Nov2018

Legitimate Tax-Deductible Charity or Scam

    Articles Highlights:   Holiday Giving Scammers and How to Avoid Them Verifying Legitimate Charities Substantiation Special Situations With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the
  • 27 Nov, 2018
  • Jacqueline Cran
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08Nov2018

Business Meals are Still Deductible

  Article Highlights: Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed
  • 8 Nov, 2018
  • Jacqueline Cran
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05Nov2018

Year-End Planning: Things You Need to Know

    Article Highlights: Major Tax Changes in 2018 Refund or Tax Due? Underpayment of Taxes Alternative Minimum Tax Minimum Required Distributions Convert into a Roth IRA Review Portfolio for Losses Make the Most of Higher Education Tax Credits Optimize Health Savings Account Contributions Empty Flexible Spending Accounts Bunch Charitable Deductions Remember the Annual Gift
  • 5 Nov, 2018
  • Jacqueline Cran
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29Oct2018

Medical Insurance and Taxes

    Article Highlights Uninsured Penalty Employer Plans Health Reimbursement Plans Self-Employed Health Insurance Deduction Itemized Deductions Deductible Medical Insurance The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this
  • 29 Oct, 2018
  • Jacqueline Cran
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22Oct2018

Will You Get a Refund or Owe for 2018?

    Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax
  • 22 Oct, 2018
  • Jacqueline Cran
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27Sep2018

Are You Prepared for a Disaster?

  Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected
  • 27 Sep, 2018
  • Jacqueline Cran
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