Category Archives: Tax Law Changes

IRS issues notice on state and local tax deductions

The U.S. Department of the Treasury and the Internal Revenue Service have stated that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal … Continue reading

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Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be affected by changes … Continue reading

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Do I Need to Fill Out a New W-4?

You may be wondering how your taxes will be affected next year due to the new tax laws that are now on the books. Will you get more money back or will you end up owing more? The only way … Continue reading

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Interest on Home Equity Loans Often Still Deductible Under New Law

The following article was published by the IRS. The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, … Continue reading

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Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February

The following article was published by the IRS. The Internal Revenue Service recently released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in … Continue reading

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Getting Married?

Marriage is considered a major life-changing event, but it also changes how you file your taxes. If you are married by December 31st in any given year, that is your marital status for the entire year, according to the IRS. This … Continue reading

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2017 Open Enrollment for Affordable Care Act Opens Soon

It’s just about that time of year again; open enrollment for the Affordable Care Act begins November 1.  This means that if you buy your health insurance through one of the state exchanges or through healthcare.gov, you must make any … Continue reading

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