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Adam’s Tax Accounting Service Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters are can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

There’s Still Time to Get Substantiation for 2018 Donations

Posted by on Jan 31, 2019 in Blog, General, Management, Tax Tips | 0 comments

There’s Still Time to Get Substantiation for 2018 Donations

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what do you do if you haven’t received such a letter? Is it still possible to claim an itemized deduction for the gift on your 2018 income tax return? Basic requirements To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the...

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Many Tax-Related Limits Affecting Businesses Increase for 2019

Posted by on Jan 28, 2019 in Blog, General, Management, Tax Tips | 0 comments

Many Tax-Related Limits Affecting Businesses Increase for 2019

A variety of the tax-related limits that affect businesses are indexed annually for inflation, and many of these have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on the Sec. 199A qualified business income deduction: Married filing jointly: $321,400-$421,400 (up from $315,000-$415,000) Married filing separately: $160,725-$210,725 (up from...

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What Will Your Marginal Income Tax Rate Be?

Posted by on Jan 24, 2019 in Blog, General, Management, Tax Tips | 0 comments

What Will Your Marginal Income Tax Rate Be?

The Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, but some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks. Additionally, some cases taxpayer’s rates may go up due to their filing status, while some may see additional tax savings due to their filing status. Unmarried vs. married taxpayers In an effort to further eliminate the marriage “penalty,” the TCJA made changes to some of the middle tax brackets. As a result, some single and head of household...

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2 Major Tax Law Changes for Individuals in 2019

Posted by on Jan 10, 2019 in Blog, General, Management, Tax Tips | Comments Off on 2 Major Tax Law Changes for Individuals in 2019

2 Major Tax Law Changes for Individuals in 2019

Most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and apply either through 2025 or are permanent, but there are two major changes under the act for individuals that begin in 2019. Here’s a closer look. 1. Medical expense deduction threshold 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 was already difficult for many taxpayers to meet, and it may be even harder to meet this year....

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A Review of Significant TCJA Provisions Impacting Individual Taxpayers

Posted by on Jan 7, 2019 in Blog, General, Management, Tax Tips | Comments Off on A Review of Significant TCJA Provisions Impacting Individual Taxpayers

A Review of Significant TCJA Provisions Impacting Individual Taxpayers

There isn’t too much you can do to reduce your 2018 income tax liability now that 2019 has begun. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, will likely have a major impact on your 2018 taxes, it’s a good time to review the most significant provisions impacting individual taxpayers. Rates and exemptions Generally, taxpayers will be subject to lower tax rates for 2018. But a couple of rates stay the same, and changes to some of the...

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A Refresher on Major Tax Law Changes for Small-Business Owners

Posted by on Jan 3, 2019 in Blog, General, Management, Tax Tips | Comments Off on A Refresher on Major Tax Law Changes for Small-Business Owners

A Refresher on Major Tax Law Changes for Small-Business Owners

The 2018 income tax filing season will soon be upon us. After the end of the year, it’s generally too late to take action to reduce 2018 taxes. Therefore, business owners may want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their 2018 returns this spring, so they can plan accordingly. With the biggest tax law changes in decades under the Tax Cuts and Jobs Act (TCJA), most businesses and their owners will be significantly impacted. So, refreshing yourself on the major changes is a good...

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Act Soon to Save 2018 Taxes on Your Investments

Posted by on Dec 24, 2018 in Blog, General, Management, Tax Tips | Comments Off on Act Soon to Save 2018 Taxes on Your Investments

Act Soon to Save 2018 Taxes on Your Investments

Do you have investments outside of tax-advantaged retirement plans? If you do, you might still have time to shrink your 2018 tax bill by selling some investments. You just need to carefully select which investments you decide to sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb those gains. This is commonly referred to as “harvesting” your losses. If, however, you’ve sold investments at a loss this year, consider selling other investments in your portfolio...

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6 Last-Minute Tax Moves for Your Business

Posted by on Dec 20, 2018 in Blog, General, Management, Tax Tips | Comments Off on 6 Last-Minute Tax Moves for Your Business

6 Last-Minute Tax Moves for Your Business

Tax planning is an activity that happens year-round, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next year. Prepay expenses. A cash-basis...

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Year-End Tax and Financial To-Do List for Individuals

Posted by on Dec 12, 2018 in Blog, General, Management, Tax Tips | Comments Off on Year-End Tax and Financial To-Do List for Individuals

Year-End Tax and Financial To-Do List for Individuals

With 2019 on the horizon, here’s a quick list of tax and financial to-dos you should address before the end of 2018: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll potentially lose them. (Some plans allow you to carry over up to $500 to the following year or give you a 2½-month grace period to incur qualifying expenses.) Use expiring FSA funds to pay for eyeglasses, dental work or eligible drugs or health...

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2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by on Dec 6, 2018 in Blog, General, Management, Tax Tips | Comments Off on 2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines that affect businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to your situation. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 File 2018 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees. Provide copies of 2018 Forms 1099-MISC, “Miscellaneous...

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