Sales of certain items are exempt during a five-day period in August 2018. The temporary exemption period, referred to as a sales tax holiday, will begin on Wednesday, August 1, 2018, and continue through Sunday, August 5, 2018.
During the sales tax holiday, the following items are not taxable:
Clothing, if the sales price of any single item is $75 or less
A computer purchased by a consumer for the consumer's personal use, if the sales price of the computer is $750 or less
School computer supplies purchased by the consumer for the consumer's personal use, if the sales price of any single item is $250 or less
School supplies, if the sales price of any single item is $75 or less ... See MoreSee Less
Whether it's for investment or for your residence, there are tax issues associated with this. Additionally, the tax benefits for home ownership have been softened due to the increased standard deduction. Be sure to call us if you have questions. Each situation is different, so don't wait until tax time to start planning. ... See MoreSee Less
Part of the Tax Cuts and Jobs Act (TCJA) signed by the President back in December included a provision that bars certain itemized deductions. Namely, unreimbursed employee expenses. Thus, if you are employed and normally deduct expenses related to mileage, hotels, uniforms, union dues, such expenses are no longer deductible. If you are self-employed however (1099, not a W-2), they remain fully deductible. ... See MoreSee Less
Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly.
The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax deductions applies to payments required by divorce or separation instruments
⦁ executed after December 31, 2018, or
⦁ modified after that date, if the modification specifically states that the new TCJA treatment of alimony payments now applies. ... See MoreSee Less