Prior to 2018, taxpayers could take a deduction for personal casualty losses experienced during the tax year.
Author Archives: Amy Gordon, CPA
Posted by Amy L. Gordon, CPA The marriage tax penalty or benefit occurs from a change in a couple’s tax liability as a result of marriage and subsequently filing jointly. The marriage tax penalty results when the tax burden of a married couple filing jointly is greater than that of an unmarried couple filing separately. This penalty has impacted married … Continued
Did you file a timely income tax return and then realize you missed something or made a mistake?
The Tax Cuts and Jobs Act (TCJA) made several changes to the automobile provisions, which results in various increased benefits for business owners.
Final regulations have been released providing guidance concerning substantiation and reporting requirements for cash and noncash charitable contributions.
Under the newly enacted Tax Cuts and Jobs Act, the corporate tax rate decreased from a maximum of 35 percent to a flat 21 percent rate beginning in 2018.
The recent changes to the tax code resulting from the Tax Cuts and Jobs Act uniquely effects each individual filing an income tax return.
The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.
With the tax reform bill signed into law it is time to prepare for changes to the existing withholding tables and systems. Although the new tax bill has initially taken effect as of January 1, 2018, the IRS is still working on developing and issuing the withholding guidance.