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In previous years, about one out of three taxpayers itemized. The IRS expects that number to be less for tax year 2018. The Tax Cuts and Jobs Act (TCJA) passed in December 2017, significantly affects deductions in several ways, impacting those taxpayers who normally itemize. ... See MoreSee Less

4 hours ago  ·  

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A taxpayer may elect to expense all or part of the cost of any Section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million. These changes apply to property placed in service in taxable years beginning after December 31, 2017, and will most likely affect 2018 business tax returns filed next year. ... See MoreSee Less

21 hours ago  ·  

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If less than $1,800, income earned by election workers will not be subject to FICA tax in either the 2018 or 2019 tax year. ... See MoreSee Less

2 months ago  ·  

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For 2019, cash remuneration paid by an employer for domestic service (nanny tax) in the employer's private home isn't FICA wages if the amount paid during the year is less than $2,100—no change from 2018. ... See MoreSee Less

2 months ago  ·  

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The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among other things, the new law may change their tax rates and impact the quarterly estimated tax payments they are required to make during the year. ... See MoreSee Less

2 months ago  ·  

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