Category Archives: Tax Deductions

Contribute to an IRA by April 15 to Claim It on 2018 Tax Returns

The following article was published by the IRS. It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax … Continue reading

Posted in Investing, IRS, Personal Finance, Personal Taxes, Planning Strategies, Retirement, Tax Deductions, Tax Tips, Taxes | Tagged , , , ,

Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also … Continue reading

Posted in Corporate Taxes, IRS, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes | Tagged , , , ,

Recent Developments That May Affect Your Tax Situation

The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Business meals. One of the provisions of the Tax Cuts and … Continue reading

Posted in Corporate Taxes, IRS, Personal Taxes, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Uncategorized | Tagged , , , , , , , ,

401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

The following article was published by the IRS. The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. Highlights of Changes for 2019 The contribution limit … Continue reading

Posted in Investing, IRS, Personal Finance, Personal Taxes, Planning Strategies, Retirement, Tax Deductions, Tax Tips, Taxes | Tagged , , , , , , ,

Tax Reform Affects If and How Taxpayers Itemize their Deductions

The following article was published by the IRS. Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to … Continue reading

Posted in IRS, Personal Taxes, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Uncategorized | Tagged , , , , , , , ,

IRS Issues Standard Mileage Rates for 2019

The following article was published by the IRS. The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. … Continue reading

Posted in Corporate Taxes, IRS, Personal Taxes, Self-Employed, Small Business, Tax Deductions, Tax Tips, Taxes | Tagged , , , , , , ,

Year End Tax Planning Considerations For The Individual

Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET … Continue reading

Posted in Charitable Organizations, IRS, Personal Finance, Personal Taxes, Planning Strategies, Retirement, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , , , , ,