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Here Comes 2019!

New Limits and Rates for 2019 As we burn the midnight oil to complete all of our last minute year-end tax planning, we also look forward to 2019. Each year many of the "standard" limits and rates provided as a part of our tax code are updated for inflation and other normal increases.  To help in your 2019 organizing, please remember to take into account some of these new rates and limits: Tax Provision  Details 2019 Limit 2018 Limit Mileage Rates Standard Business Mileage Rate 58 cents 54.5 cents   Charitable Mileage Rate 14 cents 14 cents   Medical Mileage

State Income Taxes after the Wayfair

What Does the Wayfair Decision Mean for Income Taxes? Sales and use tax e-commerce considerations receive the bulk of attention from state lawmakers, perhaps because they are less difficult to conceptualize. The corporate income tax concerns raised by these transactions are just as pressing, if not more so, given the potential liabilities at stake. There are two primary issues. First, does selling purely electronic products and services to customers in a state establish nexus (a sufficient connection to warrant imposition of tax) for an out-of-state company lacking any other contacts with the state? Second, if an out-of-state company does have

Tax Reform….As the Dust Begins to Settle

Highlights and New Items on Tax Reform Its officially been two months since the passing of the biggest tax reform since 1986 and understandably there have been comments from all perspectives on what it will mean to everyone.  Although many of the items in the actual bill still need much clarification from the Internal Revenue Service on how they will interpret them, most people have a good overall idea of how this reform will most likely affect them.  Or do they? As with any tax laws, there are usually winners and losers (unfortunately at some point tax needs to be

Did You Remember to File ALL Your Tax Forms?

Are You Filing ALL the Tax Forms You Need To? As many individuals and businesses prepare to file their 2017 income tax returns, the question many people forget to ask is “what am I missing?” Now when many people hear that question in the context of taxes, they think what deductions or credits am I missing.  Although this is indeed a great question, and one your CPA should be asking you all year long, this is not the only things that we need to worry about missing in today’s tax world. As the IRS and many state governments continue to

Changing Business Structure After Tax Reform

What Type of Entity Should My Company Be? That question has always been one on the minds of all business owners in order to not only best meet regulatory needs but also to take advantage of the tax code. With the Tax Reform now behind us and regulations to understand those changes in the works at the IRS, we once again have to reevaluate those decisions from a tax standpoint.  The new law gives many businesses some new tax breaks and benefits, and makes some sweeping changes to the tax rates for both businesses and individuals.  However, the underlying rules

Out With The Old, In With The Unknown

As we are all well aware, this past election has the potential to lead to many changes in our government, especially the areas of taxation. The president elect has made it clear that his intention is to drastically overhaul the tax system. Many experts believe this will be the largest change to the tax code since the Tax Reform of 1986 by the Reagan Administration. We see an increasing number of experts voicing their guesses that the proposed income tax rates will, in some manner, be lowered with the inevitable tax change. Some believe ObamaCare will be repealed, but most


Just When You Thought Tuition Only Meant A Bill From The School

In today’s day and age a large majority of the future workforce will at one time or another attend college. Whether it ends up being the foundation for their future job or simply a stepping stone to finding out what they really want to do. Unfortunately, as we have seen, that schooling is far from cheap. Most students attending college are taking on debt to cover the costs or, if lucky enough, finding scholarships to help defray some of the ever increasing costs. Thanks to our tax code, most taxpayers are afforded some small deductions for those costs in the


New Overtime Rules Can Effect More People Than You Think

The Department of Labor (DOL) has finalized a rule that, effective December 1, 2016, will make significant changes to the overtime regulations in the Fair Labor Standards Act (FLSA). As you know, employees covered by the FLSA must receive overtime pay for all hours worked over 40 in a workweek at a rate of not less than one and one-half times their regular rates of pay, unless otherwise exempt. The FLSA's "white collar" exemptions exclude certain executive, administrative, and professional (EAP) employees, and outside salesperson, from the federal minimum wage and overtime rules. Currently, to qualify for exemption, white collar


Getting The Most From Your House… On Your Tax Return

All of us are aware that owning a home has some definite potential tax benefits. Mortgage interest and property taxes are deductible on your personal income tax return. However, how do we make your home be MORE or a tax benefit on your return? Tax Considerations Interest deductions seem to be a pretty straight-forward item on your tax return. The interest amount is provided by your mortgage company each year on form 1098. This amount is then carried onto Schedule A and any tax benefit carried onto your form 1040. But what are you missing? The equity in your home


Divorce And Taxes, Two Words People Like To Avoid

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Tax Law Considerations Child Support and Alimony. If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you receive is not taxable. If you make payments under a divorce or separate maintenance decree

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