By: Debra Rogers, Tax Management & Financial Horizons Staff Several years ago, as I was entering W-2 data for a tax return of a single person, I noticed the withholding just didn’t look right. I didn’t say anything right away as I wanted to see how things would play out after entering deductions and credits. However, [...]
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Charities are expected to receive fewer donations this year as a result of the new tax laws that, among other things, eliminated or sharply reduced the tax benefits of charitable giving for many Americans. Since the standard deduction claimed by individuals or couples has nearly doubled, fewer people will itemize their deductions and you must itemize [...]
Some of the changes in the tax reform law mean your small businesses can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. This means a new computer purchased in December can be expensed on the 2018 [...]