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401(k) Retirement Plan Contribution Limit Increases for 2018; Most Others Are Stagnant

401(k) Retirement Plan Contribution Limit Increases for 2018; Most Others Are Stagnant

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who are already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of limit 2018 Limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans  $18,500 Contributions to defined contribution plans  $55,000  Contributions to SIMPLEs...

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This Year’s Company Holiday Party Is Probably Tax Deductible – Next Year’s May Not Be

This Year’s Company Holiday Party Is Probably Tax Deductible – Next Year’s May Not Be

Many businesses are hosting holiday parties for employees this time of year. It’s a great way to have a little fun and reward your staff for their hard work. And you can probably deduct 100% of your 2017 party’s cost as a meal and entertainment (M&E) expense. Next year may be a different story. The 100% deduction For 2017, businesses generally are limited to deducting 50% of allowable meal and entertainment expenses. But certain expenses are 100% deductible, including expenses: For recreational or social activities for employees, such as holiday parties and summer picnics, For food and...

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Should You Buy a Business Vehicle Before Year End?

Should You Buy a Business Vehicle Before Year End?

One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But, before you make the purchase, look at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase. Your 2017 deduction Business-related purchases of new or used vehicles may be eligible for Section 179 expensing. This allows you to immediately deduct, rather than depreciate over a period of years, some or all of the vehicle’s cost. But the size of your 2017 deduction will depend on several factors. One is the gross vehicle weight rating....

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Our Office Has Moved

Our Office Has Moved

Effective December 16th, 2017 the office of Adam Traywick, CPA will be located at: 2205 W Broadway Ave. Fort Worth, TX 76102 View the map below for directions. If you have any trouble locating us, just give us a call at...

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What You Need to Know About Year-End Charitable Giving in 2017

What You Need to Know About Year-End Charitable Giving in 2017

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire from giving to your favorite charity. Delivery date To be deductible on your 2017 return, a charitable donation must be made by Dec. 31, 2017. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean? Is it the date you write a check...

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7 Last-Minute Tax-Saving Tips

7 Last-Minute Tax-Saving Tips

2017 is quickly drawing to a close, but there’s still time to take steps to reduce your tax liability for this year, but you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses for the year already exceed the 10% of adjusted gross income floor). Pay tuition for academic periods that will begin in January, February or March of 2018 (if it will make you eligible for a tax credit on your 2017 return). Donate to your favorite charities. Sell investments...

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