Where there is smoke, there could be fire.

Update your W-4 where there is smoke, there could be fire. Every year around this time, you should check the batteries in my smoke detectors. It’s one of those annual items to check. Just as there is a need to do those annual checkups, the passage of the 2017 Tax Cuts and Jobs Act (TCJA)…

Business Owners: Brush Up on Bonus Depreciation

Every company needs to upgrade its assets once in a while, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year. Old…

529 Plan Changes

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in.  These changes take effect for 529 plan distributions after 2017. As you know, a 529 plan distribution is tax-free if it is used to pay “qualified higher…

New Federal Withholding Tables

New Federal Withholding Tables Could Cause You to Owe Money Come April 15, 2019 One of the basic themes associated with the new tax law was to put more money in the pocket of the taxpayer. In order to meet that goal as quickly as possible, the Internal Revenue Service is revising the income tax…

Unreimbursed Expenses Under the New Tax Act

With passage of the Tax & Jobs Act of 2017, we see that most miscellaneous itemized deductions will not be allowed beginning January 1, 2018.  This includes deductions for tax preparation fees, investment expenses, and unreimbursed employee business expenses.  Today we will focus on the unreimbursed business expenses. Through the end of 2017, taxpayers have…