News
Saving Tax On Restricted Stock Awards With The Sec. 83(b) Election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election.
Putting Your Child On Your Business’s Payroll For The Summer May Make More Tax Sense Than Ever
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).
2 Tax Credits Just For Small Businesses May Reduce Your 2017 And 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits.
Can you deduct home office expenses?
For 2018, fewer taxpayers will be eligible for a home office deduction. Employees claim home office expenses as a miscellaneous itemized deduction.
Casualty losses can provide a 2017 deduction, but rules tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.
TCJA Temporarily Lowers Medical Expense Deduction Threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet.
Can you claim your elderly parent as a dependent on your tax return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.
State And Local Sales Tax Deduction Remains, But 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 chopping block, but it ultimately survived.
