The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all the changes. Check out the IRS’s Businesses tax reform page for updates and resources on how [...]
The following article was published by the IRS. Before the end of the year, small business owners should become familiar with how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the [...]
The U.S. Department of the Treasury and the Internal Revenue Service have stated that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes regardless of the characterization [...]
The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers who itemize should use the IRS Withholding Calculator [...]
[youtube https://www.youtube.com/watch?v=8IaHBic7Rv8]If you qualify for a Health Savings Account but are undecided as to whether or not you should open one, here are some points to help you decide: Immediate Tax Savings - Contributions to your HSA qualify as a tax deduction. That is, they reduce your taxable income for that year dollar for dollar as [...]