Tag Archives: Tax Cuts and Jobs Act

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 , , , , , , ,

IRS Clarifies Who is a Qualifying Relative for Family Credit Purposes

Under the TCJA, effective for tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, you can’t claim a dependency exemption for dependents, including qualifying relatives, but you may be eligible for a $2,000 credit for each qualifying … Continue reading

Posted in Child Tax Credit, Family Credit, Personal Taxes, Tax Credits, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , ,

New Standard Deduction Versus Itemized Deductions

For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. … Continue reading

Posted in Personal Taxes, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | 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 Charitable Organizations, Corporate Taxes, IRS, Non Profits, Personal Finance, Personal Taxes, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , , , ,

Here’s How the New Tax Law Revised Family Tax Credits

The following article was published by the IRS. More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation … Continue reading

Posted in Child Tax Credit, Credit for Other Dependents, IRS, Personal Taxes, Planning Strategies, Tax Credits, Tax Law Changes, Tax Relief, Tax Tips, Taxes | Tagged , , , , , , ,

Tax Cuts and Jobs Act (TCJA)

The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Small Business Association (SBA), Tax Credits, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes, Year End | Tagged , , , , , , , ,

Small Business Owners, Self-Employed Should Plan Now for New Changes

The following article was published by the IRS. Before the end of the year, small business owners should become familiar with how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Tax Credits, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , ,