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Preparing Your Clients for Tax Changes in Retirement
For most soon-to-be-retirees, preparing for the workforce-to-home transition involves at least one meeting with a financial advisor to ensure one's nest egg will provide adequate financial support. But unless this advisor moonlights as a tax expert, retirees who don’t seek some tax-specific advice may find...
The Tax Cuts and Jobs Act
Because the Tax Cuts & Jobs Act made so many sweeping reforms to the way individual and business income taxes are calculated, it’s crucial for tax preparers to be up to speed on the many changes this law brought. From the end of itemized deductions (in all but the rarest of cases) to an extra tax break for S...
Tax Deductible Business Expenses- Which ones can I write-off
Tax Deductible Business Expenses- Which ones can I write-off? We have the best instructors in the tax world. Check out this awesome post by one of our best - Mark Kohler. For more info check out Mark's latest update on deductions here. From Mark Kohler, Recently, I’ve had a lot of...
The IRS Begins to Modernize Its Processes
For decades, taxpayers and tax preparers alike have joked that the acronym for the Internal Revenue Service actually stands for “Is Really Slow.” But the IRS is looking to change both this long-held perception and the reality—that many taxpayers seeking advice or disputing an assessment will wait on hold for an...
Maximize the Tax Benefits of Renting Out Your Home
Taxpayers who live in a popular tourist destination or who are planning to be out of town for an extended period can enjoy both a steady rental income and tax benefits by renting out their home. Although there have always been some tax breaks available for rental owners, the Tax Cuts and Jobs Act (TCJA) has only...