Tax Reform Passed -- What You Need to Know Now
Sunday, December 24
Tax Reform Passed -- What You Need to Know Now Tax reform was passed by Congress this week and is expected to be signed into law soon. Most of the new laws take place in the 2018 and 2019 tax years, but there are a couple items that you need to know about right away for your 2017 taxes.1. The med...
IRS Standard Mileage Rates for 2018 Up from Rates for 2017
Thursday, December 14
IRS Standard Mileage Rates for 2018 Up from Rates for 2017The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on January 1, 2018, the sta...
Taxpayers Should Protect Data All Year Round
Monday, December 11
Taxpayers Should Protect Data All Year RoundWith the online holiday shopping season in full swing, it’s the perfect time for all taxpayers to take steps to protect their identities and personal data. This year, the IRS kicked off this annual event with National Tax Security Awareness Week. The IR...
Avoid Tax Traps in Loans to Friends and Family
Wednesday, December 06
Avoid Tax Traps in Loans to Friends and Family Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money to someone close, here are some tips to do it right in the ...
Tips to avoid IRS penalties on 401(k) retirement plan distributions
Wednesday, December 06
Tips to avoid IRS penalties on 401(k) retirement plan distributions While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the pla...
Understanding Installment Sales
Wednesday, December 06
Understanding Installment Sales If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do.Installment sale definedGenerally, you create an installment sale when you re...