Archive

25Jun2018

Got a Letter from the IRS?

    Article Highlights: Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund

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

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

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

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