Avoid a tax-time surprise; Check withholding, make estimated payments
Thursday, December 20
Avoid a tax-time surprise; Check withholding, make estimated paymentsMany taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer.Although the tax reform law, enacted last Dec...
Here’s how the new tax law revised family tax credits
Thursday, December 20
Here’s how the new tax law revised family tax creditsMore families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax...
IRS Raises Mileage Rates for 2019
Tuesday, December 18
The IRS will raise most 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. On Jan. 1, the rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents/mile driven for ...
Businesses can take these steps after a disaster
Sunday, November 25
Businesses can take these steps after a disasterWhen disaster strikes, many business owners might find themselves needing to reconstruct records. This will help them prove a loss, which may be essential for tax purposes, getting federal assistance, or insurance reimbursement.Here are tips for bus...
New Tax Law Allows Small Businesses to Expense More
Tuesday, November 20
New tax law allows small businesses to expense more, expands bonus depreciationIn a November 15 news release, the IRS reminded small business taxpayers that changes to the tax law per the Tax Cuts and Jobs Act (TCJA) mean they can immediately expense more of the cost of certain business property....
Tax Reform changes depreciation limits on luxury automobiles
Saturday, November 17
Tax Reform changes depreciation limits on luxury automobilesThe Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first...