One of the things that’s going away under the new tax reform laws implemented this year is an employee’s ability to deduct unreimbursed expenses related to their job.
Farewell to miscellaneous itemized deductions
Don't Let Disaster Befall Your Favorite Charity
A crucial deadline is approaching and you can help!
The filing deadline for most non-profit organizations is May 15. Missing this deadline results in penalties that can devastate the organization's budget, or worse, strip them of their non-profit status and make your donations non-tax deductible! Here's what you can do to help them:
Five Itemized Deductions to Still Consider
Beginning in 2018 and lasting though 2025, new tax laws modified or eliminated itemized deductions, while increasing the standard deduction. Here are five valuable deductions still available (albeit altered) to keep in mind as you file your 2018 taxes and plan for your 2019 tax savings:
Use your Tax Refund for an IRA contribution
You may already know that contributions to a traditional IRA may be deductible on your personal tax return (subject to certain limits). You're allowed to deduct a contribution on your 2018 return that is made as late as April 15.
But are you aware that you can use this year's tax refund to make your IRA contribution for the 2018 tax year?
How to fund your IRA with a refund
Employee Expense Rules Have Changed
Employee Expense Rules Have Changed
Now is a Great Time to Organize Your Tax Records
The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.
Now is a Great Time to Organize Your Tax Records
The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.
Does your year-end tax plan include these big changes
Most of the time, year-end tax planning is based on tried-and-true principles. For instance, people often end up accelerating deductions into the current year to offset their tax liabilities, while deferring income to the next year. But this year-end is much different than most.
Major tax legislation at the end of 2017 has suspended many prized deductions for 2018 through 2025, while cutting tax rates. As a result, your year-end tax planning will likely need some new moves.
Fraud? Negligence? Know the Difference!
Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen. Here is what you need to know.
Tax Fraud or Negligence?
Combat Employee Turnover
With unemployment at historically low rates, retaining employees is harder than ever. Here are some tips to help your practice maintain a thriving workforce:
Vacation homeowners: Maximize your tax benefits
If you rent out a living space such as a vacation home (or even a boat or recreational vehicle), consider these items as you determine whether or not you can take advantage of the tax breaks:
