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Can you claim your elderly parent as a dependent?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for...
Home-related tax deductions may be less valuable in 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax deductions that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts...
Be sure repairs to property are actually repairs before deducting
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately...
Small businesses reduce taxes with Section 179 expensing
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA),...
2017 tax filing deadline for pass-through entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S...
Do you have a deduction for the miles you have driven?
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical,...
Is your nonprofit ready to hire new employees?
According to the 2017 Nonprofit Employment Practices Survey by human resources consultant Nonprofit HR, charities are hiring at a faster pace than for-profit companies. Of the not-for-profits surveyed, 50% reported that they would add staffers, vs. 40% of for-profit...
Two Five-Year Tests for Roth IRA owners
The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into a Roth IRA is after-tax, so there is no upfront tax benefit. As a tradeoff, all qualified Roth IRA distributions can be tax-free, including the parts of the...
How Small Companies Can Address Harassment Issues
Politicians, journalists, and other celebrities are not the only ones vulnerable to charges of sexual harassment. As a business owner, you could be in the spotlight if allegations of improper behavior arise, especially if they are brought by one or more employees....
State and local sales tax deduction remains, subject to a new limit
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform...
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