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Rental Property Owners – Read This

I wanted to reach out to my rental clients and inform you of some recent tax law updates that apply to taxpayers who own rental property.  Certain requirements must be met so that you can include your rental activity income for the purposes of calculating the Qualified Business Income (QBI) deduction.  In general, the […]

2018 Tax Reform Changes – Part I

Tax Cuts and Job Act (TCJA) Impacts on 2018 Tax Returns-Part I

 

 

 

Highlights: 1. Virtually all taxpayers are impacted by the changes 2. Changes take effect on January 1, 2018 and run through 2025. In 2026, unless extended, these provisions will revert to the rules in effect for tax year 2017. […]

Taxes: What to Do Before 12/31/17

For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns.  Charitable contributions are deductible in the year made, as long as they are mailed by the last day of the year. Age 70 ½ are generally required to receive minimum distributions from their retirement plans by the end of 2017, though a special rule allows those […]

2018 Mileage Rates Announced

The Internal Revenue Service recently issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

54.5 cents for every […]

Guide to Vehicle Deductions

The details for deducting business vehicle expenses can be found in IRS Publication 463. Using most popular tax software programs, a worksheet is used to feed the deductible cost into the Schedule C vehicle expense line. This discussion is a general overview, focused on self-employed individuals that own or have financing on a car […]

Deducting a Home Office

 

Complete information for taking the Home Office Deduction can be found in IRS Publication 587. The deduction is calculated on Form 8829, which transfers to Schedule C. It should be noted that employees who receive a W-2 may also be eligible to claim a home office as an itemized deduction, however this information […]

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