Apr 23, 2019 | Blog, Tax Bites
Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.
Apr 9, 2019 | Blog, Tax Bites
If you’re covered by Medicare, you know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums, along with other medical costs, on your tax return. But it can be tough to qualify.
Feb 12, 2019 | Blog, Tax Bites
There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.
Nov 6, 2018 | Blog, Tax Bites
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That...
Aug 28, 2018 | Blog, Tax Bites
While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.
Jul 31, 2018 | Blog, Tax Bites
The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see our AMT planning tips.
Apr 24, 2018 | Blog, Tax Bites
It’s easy to accumulate a mountain of paperwork (physical or digital) from years of filing tax returns. Here are some guidelines to help small businesses determine what they need to keep and what they can throw out.
Feb 27, 2018 | Blog, Tax Bites
Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.
Feb 20, 2018 | Blog, Tax Bites
If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.
Feb 13, 2018 | Blog, Tax Bites
The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your 2017 return.