2018 Tax Law Changes: Understanding the Tax Cuts and Jobs Act

In this article, we’ll share some of the highlights of the tax changes for 2018 as they relate to individuals. Use this as a type of checklist, and feel free to contact us on any point so we can provide additional details as to how it might impact your situation.  Tax...

Converting Your Home to a Rental

Sometimes there are economic reasons why people convert their personal residence to a rental.  Maybe they are not able to sell the home.  Or, their family has been downsized due to kids leaving or a divorce.  Or, maybe health or financial reasons will motivate this...

Is Your Business Considered a Hobby by the IRS?

Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific...

Gift Taxes: Do They Matter to You?

Clothing. A gold watch. A $100 gift certificate in a greeting card. These are some of the types of gifts that most of us give to others, and let’s face it – with gifts like that, the majority of us won’t ever need to worry about filing a gift tax return or paying any...

Changes in Itemized Deductions for Individuals in 2018

There are numerous changes effective for tax year 2018 that will affect taxpayers who normally itemized deductions. Here is a summary of the changes. Taxes In 2017, property taxes, and state and local income taxes were deductible. Taxpayers can elect to deduct sales...

New Tax Brackets in 2018

The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals: Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050...

Saving for Retirement: So Many Choices

Saving for retirement is very important, since the average American spends 20 years in retirement.  Everyone needs to make saving for retirement a priority, especially since we are living longer with healthier lifestyles and medical advances.  And, we all know that we...

The Home Office Deduction: Regular Method

Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true! 2017 is the last tax year that you can take a home office deduction since the Tax...

IRS Audits: What Do You Do?

Overview:  If you receive an audit notice from the IRS, do not panic.  First, read the letter completely through to see what they are auditing.  If you can handle the audit yourself, without getting emotional or defensive (or rambling), then do so.  If you don’t have...

Monthly Archives