There has been some mention in the press recently about a tax break for disabled vets. To explain this tax break let’s start with the basics of how retirement pay is taxed for a disabled veteran. First off, disability pensions for a veteran are non-taxable, but regular retirement pay of a veteran is subject to […]
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I frequently recommend to my clients with complicated tax situations to do a summertime checkup to see if they are paying sufficient amounts through withholding or estimated payments in order to avoid a negative surprise at tax time. This year that activity is especially important because of the various changes made to the tax law […]
Many health professionals recommend limiting our salt intake but to tax professionals, SALT limits have a different meaning. SALT refers to State and Local Taxes which have been deductible for many taxpayers in the past but are now limited to a maximum of 10,000 dollars under the new tax reform passed last December. There are […]
As I have written about before, although the recent tax reform bill lowers tax rates for virtually everyone, not everyone will have their overall federal income tax reduced. That’s because the law includes some tax breaks but also eliminates some deductions. In doing an analysis of my client base, the vast majority of clients will […]
During the 2018 tax season one of the most common questions I got from clients had to do with whether they will lose their mortgage interest deduction in 2018. Many of them had heard incorrect information about what is changing and not changing in the new law. So, what does the new law change? For […]
Last fall congress passed a tax bill granting special tax relief for anyone who suffered a casualty loss as a result of the devastating hurricanes that impacted the US in 2017. In the budget deal agreed to last month, congress has finally extended those same benefits to victims of the California wildfires. The special tax […]
This morning President Trump signed into law a new budget deal that ends the very brief government shutdown. It contains some good news for taxpayers, but a logistical nightmare for the IRS and for tax preparers. Some tax breaks that expired at the end of 2016 have now been reinstated retroactively for 2017. These include […]
There has been a great deal of talk in the media and elsewhere about the new tax overhaul signed by President Trump in late December. This has included a great deal of misinformation about what the bill actually contains. Many experts tried to analyze what they thought the bill would contain prior to passage, and […]
The IRS has announced the mileage rates to be used for the 2018 tax year.
Despite attempts by the IRS, many politicians, and the media to pretend that the tea party targeting scandal did not occur, lawsuits from groups affected by the illegal behavior of the IRS are still continuing. Judge Reggie B. Walton recently ruled in favor of some of these groups and ordered the IRS to produce more […]