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.
Everybody wants to save money on taxes legally. To lower the amount you pay in taxes is an especially important goal for small business owners. After all, to avoid paying every penny in taxes is a double victory: you avoid overpaying and add to your bottom line. Here we list seven tips to use to spot […]
Family Day Care Providers Meals Allowance and Other Amenities for their Business. A taxpayer who is in the business of providing family day care in their home most likely provide meals and other amenities. Daycare providers may deduct the ordinary and necessary expenses of their business. In both parts of this blog series, we will […]
Preparing Taxes for 2018 is Not Business As Usual The change behind tax reform has the way most taxpayers are thinking about and planning for their taxes. Preparing taxes in 2018 is no longer business as usual. For those who think it is are in for a rude awakening come tax time next year.
Tax Cuts and Job Act Caps on Deducting Business Losses Deducting business losses is just another article in a series that explains how the various tax changes in the GOP’s Tax Cuts & Jobs Act. This series offers strategies that you can employ to reduce your tax liability under the new law. Under the Act, […]