The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room...
The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. Hurricane Irma victims in parts of Florida and elsewhere will now have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, according...
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers...
A refresher on the ACA’s tax penalty on individuals without health insurance Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health...
Save or shred? Retention guidelines help determine whether to keep or destroy tax records You may have breathed a sigh of relief now that the April 18 deadline to file your taxes (or request an extension) has come and gone. However, if your office is strewn with reams of paper consisting of years’ worth of...
