Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Continue reading
Five Tax Deductions that Disappeared in 2018
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Category Archives: tax credits
Tax Breaks for Businesses Hiring New Employees
If you’re thinking about hiring new employees this this year you won’t want to miss out on tax breaks available to businesses with employees. Continue reading
Self-Employed? Five Easy Ways to Lower your Tax Bill
If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that.
1. Deducting the Cost of a Home Computer
If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which allows you to write off new equipment in the year it was purchased if it is used for business more than 50 percent of the time (subject to certain rules).
Refundable vs. Non-Refundable Tax Credits
Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and a tax deduction.
Five Tax Provisions Retroactively Extended for 2017
The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let’s take a look at five of them.
Important Tax Changes for 2018
As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Continue reading
Don’t Forget about College Tax Credits for 2017
With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2017 federal income tax returns next year. Continue reading
Solar Technology Tax Credits Available for 2017
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits: Continue reading
Deducting Business-Related Car Expenses
Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. Continue reading
Hobby or Business? Why It Matters.
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Continue reading
