L&H Insights

Tax Deduction for Moving Costs: 2017 vs. 2018

Posted by L&H CPAs on Feb 28, 2018 12:09:08 PM

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’t be deductible, and any employer reimbursements will probably be included in your taxable income. 

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Tags: Taxes

What's the Best Higher-Education Break to Claim on Your 2017 Return?

Posted by L&H CPAs on Feb 21, 2018 6:00:00 AM

 


Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. 

But a couple of tax credits are also available. Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed.

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Tags: Taxes

TCJA Temporarily Lowers Medical Expense Deduction Threshold

Posted by L&H CPAs on Feb 14, 2018 6:00:00 AM

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

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Tags: Taxes

Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

Posted by L&H CPAs on Jan 22, 2018 10:41:41 AM

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated group of changes affecting many taxpayers are those to personal exemptions, standard deductions and the child credit.

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Tags: Taxes

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

Posted by L&H CPAs on Jan 17, 2018 10:08:08 AM

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to?

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Tags: Taxes

7 Last-Minute Tax-Saving Tips

Posted by L&H CPAs on Dec 25, 2017 7:51:09 AM

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:

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Tags: Business Owners & Entrepreneurs, Taxes, Executives

Why You May Want to Accelerate Your Property Tax Payment into 2017

Posted by L&H CPAs on Nov 28, 2017 5:48:54 AM

 

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Tags: Taxes

Could the AMT Boost Your 2017 Tax Bill?

Posted by L&H CPAs on Nov 21, 2017 11:13:24 AM

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT).

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Tags: Taxes

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