To help taxpayers, the IRS updated the special Withholding Calculator tool on IRS.gov to reflect changes in the Tax Cuts and Jobs Act passed in December.

I posted last week about the "great news" that the IRS had extended legislation allowing Taxpayers to deduct items that were scheduled to expire the end of 2016.  Namely the keys ones are mortgage insurance premiums, certain energy efficiency improvements, and tuition and fees deduction.

The IRS puts out many videos aimed at providing useful information to taxpayers who have questions about their tax situation.  Here is one about getting married ...

Since the end of 2016 we have been waiting to find out if these "tax extenders" due to expire the end of 2016 were going to be ... extended. When the "Bipartisan Budget Act of 2018" was passed our questions were answered.  Many of these could apply to your 2017 tax return ...

Medical and Dental Expenses May Impact Your Taxes 

Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses:

Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return:

The IRS publishes many videos to provide information and assistance to taxpayers on a variety of tax topics - this one is about renting your vacation home ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

What is an Estate and what happens to how it is taxed under the new tax legislation ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

The IRS defines pass-through income, in this new portion of the tax bill, as coming from S-Corps, LLCs, sole-proprietorships, estates, and trusts ... basically many, many entities NOT including C-Corps. There is a potentially large tax advantage opportunity here for many taxpayers ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

This provision of the new law might be great for the recipients of Alimony, but not so great for those paying ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

"Miscellaneous itemized Deductions" include items such as tax prep fees, investment expenses, and Unreimbursed Employee Expenses ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

The final copy of the new tax bill reduces the amount of debt that mortgage interest can be deducted for, but also applies, for the most part, to "new money" ...

This new tax reform results in lots of changes in the tax world. Check out my blog entries starting on January 12th to read all about the provisions of this sweeping legislation.

This was one of the hardest fought battles in the House and Senate versions, as well as the final copy of, this bill - what to do with the State And Local Tax deduction ...

Jim Probasco posted this article on Investopedia on 9/28/17 - it is in regards to relief available to taxpayers who suffered losses as a result of Hurricanes Matthew, Irma, and Maria.  One of the major points is the 10% AGI threshhold for those suffering Casualty Losses has been waived for taxpayers in federally declared disaster areas ...

Bonus depreciation programs have been in place commonly in recent years.  Some assets purchased in 2016 and 2017 will qualify for this additional write-off...

Qualified Leasehold, restaurant buildings and improvements, retail improvements …

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction.

Here are six tips to keep in mind about the home office deduction:

Taxpayers who contribute to a retirement plan, like a 401(k) or an IRA, may be able to claim the Saver’s Credit. This credit can help a person save for retirement and reduce taxes at the same time.

Here are some key facts about the Retirement Savings Contributions Credit:

If taxpayers gave money or goods to a charity in 2016, they may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible.

Here are some important facts about charitable donations: