INNOCENT SPOUSE RULES OFFER PROTECTION UNDER SOME CIRCUMSTANCES

By | May 6th, 2019|Accounting and Auditing, Taxation|

Must one spouse pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return?  It depends.  If the spouse qualifies, he or she may be able to avoid personal tax liability under the “innocent spouse” rules. JOINT FILING STATUS Generally, married taxpayers benefit overall by filing a joint [...]

Comments Off on INNOCENT SPOUSE RULES OFFER PROTECTION UNDER SOME CIRCUMSTANCES

DEDUCTING CHARITABLE GIFTS DEPENDS ON A VARIETY OF FACTORS

By | March 18th, 2019|Accounting and Auditing, Taxation|

Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct.  Your deduction depends on more than just the actual amount you donate. WHAT YOU GIVE Among the biggest factors affecting your deduction is what you give.  For example: Cash [...]

Comments Off on DEDUCTING CHARITABLE GIFTS DEPENDS ON A VARIETY OF FACTORS

FEWER TAXPAYERS TO QUALIFY FOR HOME OFFICE DEDUCTION

By | February 18th, 2019|Accounting and Auditing, Business, Taxation|

Working from home has become commonplace for people in many jobs.  But just because you have a home office space doesn’t mean you can deduct expenses associated with it.  Beginning with the 2018 tax year, few taxpayers will qualify for the home office deduction.  Here’s why. CHANGES UNDER THE TCJA For employees, home office expenses [...]

Comments Off on FEWER TAXPAYERS TO QUALIFY FOR HOME OFFICE DEDUCTION

YOU’VE GOT TIME: SMALL BUSINESSES CAN STILL SET UP A 2018 SEP PLAN

By | February 11th, 2019|Accounting and Auditing, Business, Taxation|

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) plan may be just what you need, and now may be a great time to establish one. A SEP plan has high contribution limits and is simple to set up.  Best of [...]

Comments Off on YOU’VE GOT TIME: SMALL BUSINESSES CAN STILL SET UP A 2018 SEP PLAN

MULTISTATE RESIDENT? WATCH OUT FOR DOUBLE TAXATION

By | February 4th, 2019|Accounting and Auditing, Taxation, Uncategorized|

Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income.  Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in [...]

Comments Off on MULTISTATE RESIDENT? WATCH OUT FOR DOUBLE TAXATION

Laying The Groundwork For Your 2018 Return

By | January 21st, 2019|Accounting and Auditing, Estate planning, Taxation|

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals.  Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions.  This will substantially increase taxable income for large families.  However, enhancements [...]

Comments Off on Laying The Groundwork For Your 2018 Return