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...

Record Retention…When to Keep, When to Shred

Do you know how long you are supposed to keep documents?  Do you know when it’s safe to shred?  Having this knowledge is the first step to good recordkeeping. By following these guidelines, you can keep your documents and files organized and updated. Avoid keeping...

Does the American Dream Still Include Home Ownership?

Even after a devastating housing crash, the majority of Americans have not given up the idea that home ownership represents their economic dream. When a builder plans to build a home, does he not consider the cost?  Before you purchase, you should make sure you really...

Income Shifting: SAVE Thousands in Taxes

Want to save money in taxes WITHOUT working harder? One way is to shift income from a higher bracket taxpayer to a lower one or even a zero rate-bracket. Typically, splitting the income between family members by hiring them to work in the business will save thousands...

Estimated Tax Payments – Do They Apply to You?

Have you ever wondered about estimated tax payments, and if or when they affect you? Although you may never have had to worry about them before, a change in your income or situation may put you in a position of needing to make these payments during the year. If you...

Five Ways to Ring in 2018

Happy new year! January is the month of new beginnings and a perfect time to strategize about projects that will boost your business prosperity. Here are five ideas to get you thinking about new beginnings for your business in 2018. 1.Learn new technology. Every year,...

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