Daily Archives: November 5, 2018

Sizing Up The Standard Deduction

Under the new, as well as prior, tax law, taxpayers can either take a standard deduction or itemize deductions on Schedule A of IRS Form 1040. Typically, tax preparation involves comparing the total of itemized deductions with the standard deduction and choosing the larger amount. Most people have used the […]

Year-End Tax Planning For Investors

This year has been a roller coaster for investors, with good months followed by steep pullbacks. At this point, you may have taken some gains and losses in your taxable accounts during 2018; you also may have unrealized losses as well as gains. The classic strategy is to tabulate all […]

Year-End Retirement Tax Planning

A major feature of the TCJA is the reduction of income tax rates owed by individuals. For example, married couples filing jointly for 2018 may have taxable income up to $77,400 and remain in the 12% bracket, up to $165,000 and stay in the 22% bracket, and up to $315,000 […]

Year-End Business Tax Planning

Under the TCJA, equipment expensing permitted by Section 179 of the tax code was expanded. In 2018, your business can take a first-year deduction of up to $1 million worth of equipment purchases. You might buy, say, $400,000 worth of equipment and deduct $400,000 from your company’s profits this year. […]

Tax Calendar: November and December 2018

NOVEMBER 2018 Employers. Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4 or Form W-4(SP). The 2019 revision of Form W-4 will be available by mid-December at IRS.gov/FormW4.   November 13 Employers. For Social Security, Medicare, and withheld income tax, file Form […]