Good Records are the Key to Tax Deductions and Trouble-free IRS Audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Medicare Premiums Could Lower Your Tax Bill
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.
December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.
Tax Deductions: Moving Costs
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.
Tax Breaks: Tuition and Fees
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.
TCJA & Medical Expense Deductions
The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.
Can You Deduct Home Office Expenses?
You might be able to deduct home office expenses for 2017 but not 2018. The difference may depend on whether you’re an employee or self-employed.
Personal Exemptions, Standard Deductions, & Tax Credits
It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.
TCJA & Bonus Depreciation
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.