The Internal Revenue Service is urging taxpayers to do a “paycheck checkup.” To help understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to navigate the issues affecting withholding in their paychecks. This post highlights the new features...
For taxable years beginning after December 31, 2017 and before January 1, 2026, non-corporate taxpayers (individuals, trusts, and estates) may take a deduction equal to 20% of Qualified Business Income (QBI) from partnerships, S corporations, and sole proprietorships.
This post discusses what QBI is and which...
The Internal Revenue Service announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64. This is good news for individuals contributing to their qualified...
Don't be at risk of paying your taxes late and incurring fines. Read this post to find out what you need to do and when to file an extension. The post covers the basic rules for individuals, the penalties that can be assessed by the...
With the 2018 filing season in full swing, the Internal Revenue Service offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Don't fall prey to these top 5 myths as you prepare your taxes....
The new tax law places a new limit on the amount of interest expense businesses can deduct on their tax returns. This new limit will punish over-leveraged companies and discourage companies from becoming too leveraged. Starting in 2018, businesses can only deduct interest based upon...
