December - 2018

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Tax Blog

Tax Blog

Tax Return Changes

Tax Return Changes

How the average person files their tax return will be different in 2019 as part of the Tax Cuts and Jobs Act, which moved toward a simplified method. However, with any change as large as this there are bound to be some hiccups and issues along the way. First of all the TCJA aimed to lower the tax rates for most taxpayers (and it did), but in order to do so it doubled the standard deduction. The standard deduction helps most people, but this can hurt the minority of individu

Tax Preparer’s Be Aware

Tax Preparer’s Be Aware

The IRS has recently released proposed regulations regarding the passthrough entity deduction. 199A has been talked about frequently since its implementation and now the IRS has responded. We’ll take a short look at some of the proposed regulations that will likely be decided upon in mid-2019. Proposed regulation 1.199A has six main parts that offer varying definitions and clarifications for accountants and tax attorneys. First, they provide operational rules, which helps

2019 Standard Mileage Rates

2019 Standard Mileage Rates

The optional standard mileage rates for business use of a vehicle will raise from 2018 to 2019. Previously, the rate was 54.5 cents per mile, but has now been raised to 58 cents per mile. Taxpayers can use the optional standard mileage rates for calculation of the deductible costs of the operation of a business automobile. Readers may note that we have previously written about the discontinuation of miscellaneous itemized deductions under the TCJA. The current notice put o

Beware Illegal Tax Moves

Beware Illegal Tax Moves

Every year when people file their taxes, some might be tempted to misappropriate some expenses here or there to change their tax brackets or deductions. Here is a warning, do not do that. Even filing your tax return incorrectly on accident can be hard to correct with the IRS, so purposefully changing items to make your refund higher is definitely not a good idea. Here are some ideas people think they might get away with and never do. A common area that people on their tax

Revised Tax Package

Revised Tax Package

The midterm elections are over, but the house remains active in trying to revise last year’s massive tax overhaul. Kevin Brady, Chairman of the House Ways and Means Committee, released an end-of-year tax package that he hopes to get passed before the new congressmen take their seats. The new revisions include tax relief for victims of recent natural disasters, delays or repeals several Obamacare-related taxes, and ends any extensions of many expired breaks that were previous

Selling Stocks, How Much is Owed?

Selling Stocks, How Much is Owed?

It’s the end of the year and people are beginning to think about how much taxes they will owe (or be refunded). Over the course of the year some people may have decided to sell their stocks whether it be for a gain or loss. Their question is probably, how much money will I owe on the gains or losses? The first question is if you owned the stocks in a Roth IRA? If you did, and you’ve had the account for a minimum of five years then you will owe no taxes at all. It will be

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