Author Archive for: mikem
Entries by Mike
Moving Deductions are Kaput
Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least 50 miles more than the driving distance from home to the old job location. […]
How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction
Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an S corporation to avoid taxable income limitations that apply to the new 20% Sec. 199A pass-through deduction. To make up for the tax reform’s reduction […]
Big Changes for Vehicle Tax Deductions
In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues to be the case, except the luxury auto depreciation limit has been substantially increased. In addition, there are other changes […]
A Mid-Year Tax Checkup May Be Appropriate
Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform. One area of major concern is the amount of taxes individuals are withholding from their wages. Tax reform was […]
Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?
The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their tax returns. Background: To fully understand the impact of the law changes, […]
5 QuickBooks Online Reports You Should Run Regularly
There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week. QuickBooks Online’s Dashboard, the first screen you see when you log in, provides an effective overview of your company’s finances. It contains at-a-glance information about your recent expenses, your sales, and the […]
July 2018 Individual Due Dates
July 1 – Time for a Mid-Year Tax Check Up Time to review your 2018 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips […]
Taxpayers Find Gift Tax Reporting Confusing
Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the gift tax provisions as, under many circumstances, even lower-income taxpayers may find they are liable […]