Free Federal Tax Advice
2018 tax reform changes: At a glance
Some of the most significant tax changes since the 1980's recently took effect with the passing of the Tax Cuts & Jobs Act. In brief, below are the revisions:
- Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to 37 percent from 39.6 percent.
- Doubles standard deductions. The standard deduction nearly doubles to $12,000 for single filers and $24,000 for married filing jointly. To help cover the cost, personal exemptions and most additional standard deductions are suspended.
Your tax-time financial review
Now is the perfect time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for the well-being of your wallet?
The following suggestions will help you with your financial review:
• Talk to your family. You should factor in the financial decisions and goals of your spouse and children.
• Put your financial goals in writing. Figure out how much money you'll need to meet each goal, when you'll need it and how you'll get it.
179D Federal Energy Tax Deductions
If you own a building you may be overlooking a very important tax deduction that, if applicable, can provide substantial tax savings for your business.
Trump signs sweeping tax overhaul
The Tax Cuts and Jobs Act was signed into law by President Trump on December 22. It is considered the most significant overhaul of the U.S. tax code in 30 years.
This historic Act calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act, or Obamacare, effectively repealing the individual shared responsibility requirement.
Click Here to learn more about how these tax changes will impact you as an individual or business owner.
Self-Employed? Get Tax Breaks
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.
IRS lowers business mileage rate for 2016
The standard mileage rates you can use to calculate your deductible vehicle expenses during 2016 for business, medical, and moving mileage have decreased from last year. Here's a recap.
How to lower your commercial real estate income tax using cost segregation
Almost any taxpayer who owns commercial real estate can reduce his or her current income tax bill by using cost segregation. Just how much you save in taxes will depend on several variables. The greater the cost of your property, the greater the potential for current tax savings.
Any building that was constructed, purchased, or remodeled since 1987 may be eligible for cost segregation. Retroactive tax deductions are available on older buildings without the need to file amended tax returns.
Year end projects for small and middle market companies
By Jerry Lopatka, Managing Principal
Jerry Lopatka is Dugan & Lopatka’s managing principal. He specializes in business tax planning for privately-held companies and has extensive experience in the areas of corporate tax, LLCs, real estate transactions, and succession planning. This article appeared in the November 9, 2015, edition of the Daily Herald Business Ledger.
What You Need to Know About 1099 Reporting
For most businesses, the end of a year is a busy time. It's important that you get your business off to a good start in the new year by closing the books on the prior year and preparing and filing the 1099 forms by the end of January.