November 2018 - Page 4 of 5

Nov
09
2018

2018 tax return questions?

Do you have questions about your 2018 tax return? The IRS has launched a webpage titled “Tax Reform,” with links to detailed information related to the Tax Cuts and Jobs Act. The page has three sections, the first of which addresses individual taxpayers, on topics such as withholding; tax credits and deductions; and issues affecting members of the U.S. Armed Forces. Section 2 deals with business taxpayers and covers income, credits and deductions, depreciation,

Nov
09
2018

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether you’d benefit from accelerating certain expenses into this year. There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Some deductions are expressly authorized or excluded, but most are governed by the general rule of IRC Sec. 162, which permits businesses to deduct their “ordinary and necessary” expenses.

Nov
08
2018

Bank Account Hacked?

Bank account hacked? 5 critical settings to keep hackers from accounts http://bit.ly/2SXhhKQ

Nov
08
2018

Grammar Skills Quiz

Grammar Skills Quiz: You’re a Whiz If You Ace This Simple Test http://bit.ly/2OujcTU

Nov
08
2018

Year End Tax Planning

Year-end tax planning can ease the tax bite of capital gains and losses. While many people have made money on the stock market this year, there are others who’ve recognized losses on securities. The right year-end tax planning strategy for an individual’s capital gains and losses will depend on a series of factors, including the amount of regular taxable income, the tax rate that applies to the individual’s “adjusted net capital gain,” whether recognized capital gains are long- or short-term,

Nov
07
2018

Year-end Tax Planning 2018

Most businesses are affected by the Tax Cuts and Jobs Act. That’s why the IRS is reminding business owners to be aware of the many significant changes before this year ends. These include the new qualified business income deduction, which could reduce taxes for pass-throughs, and the temporary 100% expensing for certain business assets. Also affected is the tax treatment of employee fringe benefits such as the deductibility of transportation benefits, moving expense reimbursements and more.

Nov
06
2018

Mt. Lemmon

A view of Tucson from the top of Mt. Lemmon!

Nov
06
2018

What do you think he is saying?

I can’t believe I ate the whole thing!

Nov
06
2018

Passive Activity Losses

Passive activity losses (PALs) can generally only offset passive activity income, not employment income, unless the taxpayer is a real estate professional. One married couple had income from his job as an engineer, and PALs from her managing their rental properties. They claimed the PALs against his employment income and submitted time logs to show she materially participated in the rental activities. The IRS found her time logged fell short of the 750-hour threshold to qualify as a real estate pro and denied the PALs.

Nov
05
2018

Could “bunching” medical expenses into 2018 save you tax?

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into 2018 beneficial for some taxpayers. At the same time, certain taxpayers who’ve benefited from the deduction in previous years might no longer benefit because of the TCJA’s increase to the standard deduction.