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Benefits to Taxpayers Who Itemize
Benefits of Taxpayers Who Itemize Summer is a season when people have fun, yet get things done. From buying a new house to cleaning their old one, taxpayers who itemize their deductions may have done things this summer that will affect the tax returns they file next year. The higher standard deduction means fewer…
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Car Expense Deductions
The Inside Scoop On Car Expense Deductions Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners…
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Home Office Tax Deduction
Save Money With Your Home Office If you’re eligible, a home office deduction can save you big bucks at tax time. If you’re not, claiming it can get you in big trouble. According to the U.S. Bureau of Labor Statistics over 18 million Americans operate home based businesses. Two million people claim a home…
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Divorce or Separation May Have an Effect On Taxes
Divorce or Separation May Have an Effect On Taxes Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns…
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Taxpayer Withholding
The Internal Revenue Service warned taxpayers to check their income tax withholding for almost all of 2018 due to how the Tax Cuts and Jobs Act affected tax brackets. The IRS announced it would waive the penalty for not paying enough estimated tax if affected taxpayers met most of their tax liability in 2018.
