We can start filing personal taxes in a few days- this coming Monday. (Please note- the IRS will STILL not have several forms ready for use until late next week. Thanks to the retroactive changes in the law Congress [and TheDonald] approved late last month.)
Continue reading Deductions. I need MORE deductions!
You know the tax law has changed. And, for many of you, that means that itemizing is no longer an option. (If you are married, the threshold of deductions needed to itemize went from $ 12K to $ 24K- and you are limited to $ 10K for the TOTAL of your property taxes and state/local income taxes. Of course, you could do as I have done for many a client- filed separately for the first time in decades. Where the threshold is $ 12K- and you still have that 10K max for property/state/local taxes….)
Continue reading We covered death. Now, it’s time for taxes.
I know you’ve grown tired of me reminding you that you need to log your business mileage to get the benefit of deducting the costs of your car. Unless your car use is like mine, this really is a necessity.
Continue reading From here to there
By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year. Normally, you can follow the instructions that you are provided. (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency. I’m not saying you are wrong- I am just saying, why bring on the aggravation.)
Continue reading The new tax law has hidden surprises
We really needed tax reform. Instead we got HR-1, absurdly labeled as the Tax Cuts and Jobs Act, plus the Senate version of that same bill,. As I promised, they wouldn’t be passed as proposed (that would have been EVEN worse, they have been reconciled. And , TheDonald has signed the final version, so it’s the law of the land. PL 115-97.
Continue reading PL 115-97 (Tax Cuts & Jobs Act, sic)
Here’s the preamble to the series…
https://www.adjuvancy.com/wordpress/tax-cuts-jobs-act-lie/
Continue reading HR-1: From beginning to the end. (Hopefully not OUR end, though)
So, you’ve decided. You ARE going to start your new business. You are on your way to hiring folks, offering your services and products. Exciting times.
Continue reading Startup Costs?
I just finished my Jewish holidays- and then was inundated with folks who failed to file their taxes on the 15th of April. And, what did they do for the ensuing six months? From what I can tell, absolutely nothing. Three of them brought the ubiquitous shoe box- you know, a year’s collection of receipts. The problem? Most of those receipts were printed via heat sensitive ink- and now, 10 to 22 months later, they are a mess of grey blobs, having faded to obscurity.
So, the ides of May have come and gone. Which means it’s been a month since your 2014 taxes were due to be filed (and some two months since corporate filings were due). It’s time to consider what 2015 will bring- because tax planning should have started already. It’s way too late when the calendar reads 2016 to you wonder what your real tax bite will be.
So, before my children (and grandchild) woke up on the first day of Passover (the seder ends pretty late), I was reading my Washington Post and drinking my coffee. (I had already finished the NY Times and the Wall Street Journal.) And, then I read the piece by Catherine Rampell. I could not let it sit unanswered- but since it was the first days of Passover, I had to wait until the intermediate days to respond.
Continue reading Tax rate truths and lies
