The IRS recently announced tax penalty relief for taxpayers who didn’t pay enough of their 2018 federal income tax liability last year due to the changes in tax reform.
Penalty Relief Explained
Federal income tax wo…
“Hello, Mr. Brown? This is Maria Santos from the IRS,” barked the authoritative voice on the phone. “It’s important that I speak with you about your 2018 income tax return right now. I need some personal information from you.&rd…
The medical expense deduction didn’t escape the Tax Cuts and Jobs Act. Read on to understand the adjustments made to that common tax deduction.
The medical expense deduction “floor” changed for 2018
After Pr…
The new 20 percent deduction for pass-through businesses sounds almost too good to be true. That brand new section of the tax code is called the qualified business income deduction. It allows qualifying owners of sole proprietorships, S corporations, a…
The IRS is offering victims of Hurricane Florence tax relief. If you are located in an area designated by the Federal Emergency Management Agency as qualifying for individual assistance, you now have until Jan. 31, 2019 to file certain individual and b…
If you work at home – even just part-time – you may claim a tax deduction for expenses related to your home office.
The new tax laws, however, may affect whether you are still eligible to claim those costs as a ta…
Tax reform impacts the tax outcome for many Americans – including families. Fortunately, however, many of the changes can potentially boost the tax savings for busy moms and dads.
Learn how the new laws could impact your tax situation if you&rsqu…
If you have to travel as part of being self-employed, you know traveling costs can add up fast. Fortunately, there are a few tax breaks available to offset those expenses.
Follow this quick guide to learn how to lower your ta…
One thing we know about the most significant tax changes in decades: it will affect your tax return. While other tax code changes throughout the years may have tweaked obscure credits and rules, the tax reform signed into law in December 2017 made chan…
At the end of June, the IRS released an early draft of the newly revised Form 1040. If you’re not familiar with that term, Form 1040 is the standard tax form individuals use to file their income tax returns. For instance, if you itemized your ded…
