Four Tax Deductions that Disappeared in 2018 Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce taxable their income in addition to the standard deduction, but were repealed for tax…
The Small Business Health Care Tax Credit If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act…
Are Social Security Benefits Taxable? Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment,…
Is Home Equity Loan Interest still Deductible? The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity…
Tax Filing Season Begins January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return, as well as the partial…
Seven Common Small Business Tax Myths The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more…
Avoiding the Penalty on Early Distributions Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a…
Five Facts about the Opportunity Zone Tax Incentive Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you’re considering investing in a QOZ,…
Important Tax Changes for Individuals and Businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and…
Tax Tips for Older Americans Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do…