Most of the Tax Cuts and Jobs Act provisions went into effect at the beginning of 2018. Although employees felt some effects of the changes in February 2018, when the income tax withholding rates were changed, the real moment of truth comes as taxpayer…
Tax season is here. In fact, we’re already halfway to the deadline!
If you haven’t filed your tax return yet, don’t fret. TaxAct is ready to make your tax preparation process as simple as possible. In fact, by using tax software, you&…
If you count on getting a tax refund every year when you file your return, you may be worried about recent reports that tax refunds are lower than usual this year. With all the changes as a result of the Tax Cuts and Jobs Act of 2017, there is a lot mo…
Tax reform of 2017 promised us shorter, simpler, tax forms. We even were told that we might be able to file on a form the size of a postcard – although we may have wondered how that would work out.
The Internal Reve…
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…
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
But becoming a Meg…
Hurricanes, earthquakes, mudslides, tornadoes, floods, forest fires, and other natural disasters wreak havoc on a large scale. Homes and possessions might be damaged or lost. It’s a tragedy when people are injured or killed.
At such times, genero…
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…
If you typically deduct unreimbursed job expenses as an employee, get prepared for a change this tax season. All unreimbursed job expenses for traditional employees are no longer tax deductible. Here’s a breakdown of how that tax reform chan…
In December of 2017, we witnessed the most significant changes to the tax code in a generation get signed into law. If you’re confused about how the changes will affect you, you’re not alone.
Fortunately for most …
