Tag Archive for: taxes

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Interest on Home Equity Loans Often Still Deductible Under New Law

The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite…
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Avoid the Rush: Some Taxpayers May Need Prior-Year Tax Data

The Internal Revenue Service today reminded taxpayers who have changed tax software products that they may need information from their 2016 tax return to complete their taxes this year. It’s always a good idea to keep copies of previously-filed…
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Important change regarding to the category “Meals and Entertainment”

As per Tax Cut Jobs Act (Tax Reform) which was signed on December 22th, there is a change regarding to the category “Meals and Entertainment”.  Until 2017, 50% of annual amount of this category was deductible. Starting on 2018 this category…
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Filing taxes in 2018: Important dates you need to know related to your taxes

In general, all businesses operating in the U.S. are required to report their activities to the IRS by filing annual tax returns. The due date and type of tax return that is filed depends on the type of business entity. If a business…
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Updated 2018 Withholding Tables Now Available

The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will…
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2018 Tax Reform Law has Benefits for Some Small Businesses

The monumental new tax law signed late in 2017 – the Tax Cuts and Jobs Act (TCJA) – has been hailed as a boon for big business. But the TCJA also benefits many small businesses while presenting new obstacles. In general, the revised rules…
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2018 Tax Filing Season Begins Jan. 29

The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin…
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2018 Tax Reform Law Doubles Child Tax Credit

Have you read the new tax reform law yet? Officially called the Tax Cuts and Jobs Act (TCJA), the new tax reform law is more than 500 pages long, so we’ll spare you the gory details. Most of the key provisions likely to affect individual…
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Congress passes tax reform

The House of Representatives passed H.R. 1, known as the Tax Cuts and Jobs Act, a second time on Wednesday, by a vote of 224–201, after procedural objections were raised about the version of the bill the House passed Tuesday afternoon. The…