Tax Deductions You Can No Longer Count On
Tax Deductions You Can No Longer Count On The Tax Cuts and Jobs Act of 2017 enacted changed that start to take effect this tax season. Some of these changes are that there are tax deductions that you can no longer take advantage of. In this article, we are going to go over the tax deductions that are going away. Personal and Dependent Exemptions Personal and dependent exemptions used to allow you to [...]
Preparing for Your 2019 Tax Return
2019 Tax Return The 2019 tax return changes have many people concerned. But the more prepared you are, the less likely you are to experience any negative surprises. In this article, we will go over five helpful tips to prepare for your 2018 tax returns. Review Your 2017 Return One of the best things you can do is review your 2018 tax return. Look over the problematic or stressful areas that you dealt [...]
Gift Tax
Gift Tax Gift tax is a tax that you potentially may have to pay for gifting property to another person. In this article, we will go over the basics of how gift taxes work, so you can understand how it affects you The Basics Whether or not your gift will be subject to tax will depend on how much the fit was worth and how it was given to. Typically, any gift given to [...]
Charitable Donations and Tax Deductions
Charitable Donations and Tax Deductions If you are making charitable donations throughout the year, you may be able to use them as itemized deductions. In this article, we will go over the different types of charitable donations. As well as what qualifies as a deductible donation and limitations. Types of Charitable Donations There are four main types of charitable donations. These include: Cash: Cash is the most common of donation. Intangible Assets: This category [...]
Payroll Basics
Payroll Basics As an employer, it is your responsibility to understand payroll basics. This important because it is your responsibility as the employer to make sure that everything is executed properly. You can outsource these services or you can do it in-house. There are a number of professional employer organization (PEO) companies that could help you outsource and handle the payroll part such as salary, benefit, and even taxes of the business. Collaborating with [...]
Tax Planning for Divorce
Tax Planning for Divorce When caught up in the moment tax planning for divorce is probably the last thing on your mind. However, it is important not to ignore it as a divorce can have severe consequences on your taxes. In this article, we will go over the basics of tax planning for divorce. Filing Status Your filing status is based on your marital status as of December 31st of the tax year. If [...]