The Internal Revenue Service recently issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate.
You can either take the standard deduction or itemize on your tax return. You can’t do both. The question is which method saves you more money by reducing the tax.
#itemizeddeductions #personalcasualty #statetaxes #mortgageinterest #employeebusinessexpenses #Taxpreparationfees #Investmentexpenses #investmentmanagementfees #educationalexpenses #Jobsearchexpenses #Hobbylosses
#Safedepositboxfees #Investmentexpenses #pass-through #phit
On December 22, 2017 the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). The 503 page TCJA is the largest tax overhaul since the 1986 Tax Reform Act, and it will affect almost every individual and business in the United States. The effective date is for tax years commenced after Dec. 31, 2017, therefore your 2018 tax year is affected and now it’s a great time for tax planning.
Extended Time is Up to file your 2017 Personal Federal Income Tax Return. If you filed an extension to file your 2017 1040 it’s time to see your accountant ASAP! The extended deadline to file is around the corner on Monday Oct. 15, 2018. There are multiple penalties if you miss it. #1040Ext #ChildTaxCredit #CTC #TheProtectingTaxpayersAct #PTA #LicensingTaxPreparers #tax #taxcut #tcja #carlosnazario #carlosjnazariodiaz #amend #amended #amended1040 #1040 #1040x #1065 #1120 #k1 #qbid #regulations #taxregs #taxregulations #IRC #gastax #gas #inflation #IndexCapitalGains #itemizeddeductions
Time is Up for your 3rd Qtr 2018 Estimated Federal Income Tax Payment
The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers beginning on January 2018. #1040ES #ChildandDependentCareExpensesCredit #CDCEC #ChildTaxCredit #CTC #S3278 #TheProtectingTaxpayersAct #PTA #LicensingTaxPreparers #tax #taxcut #tcja #carlosnazario #carlosjnazariodiaz #amend #amended #amended1040 #1040 #1040x
Child and Dependent Care Expenses Credit for Working Parents
Working parents can get a credit for Child and Dependent Care Expenses “CDCEC”. This credit includes summer camp, babysitters, paid daycare or other “child care” services. #ChildandDependentCareExpensesCredit #CDCEC #ChildTaxCredit #CTC #S3278 #TheProtectingTaxpayersAct #PTA #LicensingTaxPreparers #tax #taxcut #tcja #carlosnazario #carlosjnazariodiaz #amend