The Tax Cuts and Jobs Act (TCJA) made many changes to personal returns. For example, for 2018 through 2025, the personal exemption has been suspended. This will substantially increase taxable income for large families. However, enhancements to the standard deduction...
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Most gifts are not subject to the gift...
Do you have questions about taxes, business planning, strategic planning? You are not alone. McConnell & Jones’ tax team is here to help. What are the IRS Mileage Log Requirements? You can deduct the mileage you put on a personal vehicle for business purposes....
Year End Reminders…. The end of the year is a great time to review your tax situation for any significant changes to report to your tax preparer, and while your last-minute tax move opportunities may be limited, here are a few ideas worth considering: Retirement...
Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting a surge in efforts for reclassification and the organization of...
When deciding on a firm’s record retention procedures, it would be wise to consult federal and IRS regulations and state and local government record retention requirements. The IRS generally must assess additional tax within three years after the due date on a return....
With the arrival of 1099s and W-2s from your employer, banks and others, it’s time to get down to the business of filing your income tax return. While technology is a great way to file your taxes, mistakes still happen. The top nine tax mistakes that cost you money...
So you look through your mail and find a letter from the Internal Revenue Service. When you open it, you find a bill for a six figure sum in back taxes, penalties and interest. What do you do now? Step One When you receive an unwanted letter from the IRS, try not to...
Prior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity debt. The new tax law clearly limits the mortgage interest deduction to $750,000...
The child credit has long been a fan favorite of taxpayers for years. Now that the Tax Cuts and Jobs Act passed, it comes with added benefits — at least for a while. The following are key details that every family should know: Amount and Limitations For the 2017 tax...