Avoiding an Unexpected Tax Bill

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation. Many taxpayers have already adjusted their…

What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…

Tax Reform – Meals & Entertainment

Tax Reform – Meals & Entertainment With the changes in the new tax law, there is quite a bit of uncertainty regarding the deductibility of meals and entertainment. We hope the chart below will provide you with some guidance as to how these expenses should be treated. For tax purposes we recommend that expenses be…

Five Tax Breaks that Survived

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived. 1. Mortgage Interest Deduction While the House bill repealed the mortgage interest deduction, the final version of the act retained it, albeit with modifications. First is that…

Updated Withholding Tables for 2018

Updated income-tax withholding tables have been released for 2018 reflecting changes made by the tax reform legislation enacted last month. The updated withholding information, available on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than February 15,…

2017 Recap of Tax Provisions for Individuals

Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end…