Happy New Year! With the major changes in the income tax law, I wanted to highlight some existing provisions you might not know about or understand. Did You Know? The change in the itemized/standard deductions in no way affects your ability to claim business or rental deductions. If you receive health insurance subsidies through Obamacare, you will receive Form 1095-A, used
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This issue of Dispatches discusses the impact the new tax law has on charitable contributions. I hope it is useful to you. What’s Changed The tax law that took effect this year nearly doubled the standard deduction, making it likely that only about 10% of taxpayers will now be itemizing deductions. Therefore, unless your state
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Marsha is a Yoga Teacher, fully self-employed, had never taken a college course in her life. She is now being audited by the IRS. They are saying her W-2’s were not reported correctly. She has no W-2’s. They want proof of the higher education credit she claimed. There is no such claim on her tax
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You’ve heard: Major tax legislation was approved by Congress and signed by the President, with changes effective January 1, 2018. Here are some of the highlights that will affect individuals: The standard deduction is nearly doubled for each “filing status.” The child tax credit is increased. Personal exemptions are eliminated. Deductions for state and local property and income taxes are capped at $10,000 per
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