It’s now after the 2018 midterm elections and everyone knows the fallout, the democrats took control of the house and the republicans increased their strength in the senate. However these changes won’t take effect until January 2019, and congress is holding one more “lame duck” session in attempt to pass some legislation for members who will not be there the next term. So what has been proposed? One new piece of legislation in particular may catch the eyes of many taxpayers. House Ways and Means Committee Chairman Kevin Brady (who will likely be replaced due to party control change) has proposed a new 300-page tax bill that he said will affect Americans’ retirement savings, numerous busine
Landlords all over know the importance of maintenance and upkeep in order to keep the property in proper condition as well as attractive prospective tenants. The problem is sometimes tenants move out and leave the place looking worse than when they originally arrived. There are some simple investments a landlord can make to spruce the place up and place your property in the front of a prospective clients mind. One simple fix that a landlord can make to the rental property is just replacing the cabinets in the house. Think about it, when you walk into a kitchen everyone will notice whether or not the cabinets are in nice condition. Our eyes are naturally drawn to the cabinets to see how t
November 6 marked the midterm elections and changes came and went. Democrats took over the majority in the house, while the republicans increased their majority in the Senate. You might ask, how does this affect taxes, well the answer very well might be substantial. In a recent interview President Trump said he was always willing for new ideas, zeroing in on potential tax cuts for middle class America. A common question would be, “Where would the excess money come from so the government could afford the tax cuts?” Well surprisingly, President Trump indicated he would be open to raising the corporate taxation rate. Many people will remember the lower corporate tax rate as a selling point
Many businesses had become accustomed to taking the entertainment and meal deductions that were afforded in the past; however, as many of you are aware these deductions have been reduced if not eliminated. The good news is the IRS has shed some light on deductions that may be taken for both. The current guidance provides that 50 percent of the cost of food and beverages provided during or at entertainment events is deductible if purchased separately from the entertainment cost. It is stated this way because the TCJA eliminated deductions for entertainment, amusement, and recreation activities. Further guidance dictates that 50 percent of food and beverage expenses associated with operating
If you’re planning on saving on your annual tax filings, time is running out. With only about two months left in the calendar year, it’s time to look at your current liability and consider some options to lower it. A couple of notes before we dive into potential savings, first of all the standard deduction was raised to $12,000 for individuals, and $24,000 for married joint filers. Also there was the elimination of personal exemptions and trimming individual income tax rates. First and an important way to potentially save on your taxes is to watch your paycheck. The IRS and Treasury have updated the withholding tables, and these tables with serve as the guidelines for employers to ensure
