Archive

22Feb2019

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership

    Article Highlights: Pre-Tax Reform Home Mortgage Interest Deduction Home Acquisition Debt Home Equity Debt Tax Reform Mortgage Interest Deduction Changes Home Acquisition Debt Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest

18Feb2019

Increased Business-Vehicle Deductions Due to Tax Reform

Article Highlights: Annual Mileage Optional (Standard) Mileage Method Actual-Expense Method Vehicle Depreciation Luxury-Vehicle Limits SUVs Interest Expenses Business-Vehicle Sales or Trade-ins Employees Plug-in Electric Vehicle Credits The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before

15Feb2019

Unforced Errors – The 8 Most Common IRS Penalties and How to Avoid Them in 2019

You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit

07Feb2019

Vacation Home Rentals: How the Income is Taxed

    Article Highlights:   Home never rented Home rented for fewer than 15 days Home rented for at least 15 days with minor personal use Home rented for at least 15 days with major personal use Vacation home sales If you have a second home in a resort area, or if you have been

04Feb2019

Reasons Why Your Small Business Needs an EIN

  Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if