There are many milestones and life changes that can affect your tax returns. For instance, if you have a dependent child turning 17 this year, the $2,000 child tax credit you have received previously will end.
It’s always a good idea to review your tax situation well in advance of the end of the year to determine if there are any changes that may affect your return. Feel free to contact us for an appointment.
Get out your wallet. Did you know that employees can no longer deduct unreimbursed work-related expenses? There are a few job category exceptions, but you might want to see what’s been eliminated before you enroll in that professional development course. See our Tax Tips & News post for more.
Many single parents can claim Head of Household and receive a much better tax benefit by having a dependent child. However, when your child is no longer your dependent your filing status changes to Single. Unfortunately, that translates to a smaller Standard Deduction and higher income tax rates. Let us know if you’d like to review your personal situation.
Last fall we gave you a heads up on one of the significant impacts of the Tax Cuts and Jobs Act for 2017: the loss of itemized miscellaneous deductions for employees. The IRS issues Publication 529 as a guide outlining what is deductible—and what's not—under current...
The 2018 tax season was a difficult one for many taxpayers due to new rules under the Tax Cuts and Jobs Act of 2017. Notably, changes to the withholding tables resulted in some some unwanted surprises in April. On average, people who received refunds saw $3,500 to $4,500 less than the year prior. And perhaps worse, people who typically have a balance due in April saw increases ranging from $5,000 to $7,000 over and above what they owed in 2017.