The Tax Cuts and Jobs Act, released on Nov. 2 may make major changes to individual taxation. These include a reduction in the number of tax brackets, an increase in the standard deduction, repeal of personal exemptions, a reduced maximum rate on business income, and many estate tax changes.
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.
If you are the owner of rental property, are you taking full advantage of tax deductions that may be available to you under the tangible property regulations?
Now that the two conventions have drawn to a close, it’s time to get down to basics and take a closer look at the tax plans that Hillary Clinton and Donald Trump are proposing.
The Minister of Finance, Bill Morneau, tabled on March 22, 2016, the new Government of Canada’s first federal budget, Growing the Middle Class, a plan that, according to the Government, takes important steps to revitalize the Canadian economy, and delivers real change for the middle class and those working hard to join it. Here are the highlights of the 2016 budget.
Whether you’re preparing your own tax return or paying someone to do it for you, tax season can be a stressful time of year. Make things easier on yourself by pulling all your information together sooner rather than later–that includes a copy of last year’s tax return, W-2s, 1099s, and any deduction records you have.
Remember when you could claim itemized deductions on your tax return with no restraints? Those good old days are long gone. Under the Pease rule—named for the Ohio congressman who initially introduced the concept a quarter of a century ago—upper-income taxpayers may lose some bang from their bucks.
Are you planning a business trip to a distant city? If the destination is known for its cultural attractions or recreational activities, you might want to combine your business with a little pleasure because the bulk of your expenses are deductible if you handle things the right way.
By now you’ve likely heard about the Tangible Property Final Regulations issued by the IRS in 2013. Although these regulations have been plastered all over the web for the past few months, this topic is still hot because this is the first tax filing season where these new regulations matter. Now that we’re in the […]