Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.
Archives for March 2019
Important Tips to Begin the 2019 Tax Year right! It’s a good feeling to start off the 2019 tax year on the right foot. It not only gets you in the grove for growing your business, but it also helps you resist bad habits that try to creep up during the year. Individuals and small […]
IRS Wants Businesses to E-file Cash Transaction Reports; It’s Quick, Simple and Free You can now e-file cash transaction reports, and the IRS wants you to do it. Did you know that you have to file large transactions over $10,000 with the IRS? And now, The Internal Revenue Service wants businesses to e-file reports that […]