Category Archives: Syndicated 1

Depreciation Section 179 Expense Deduction. For 2018, the new law increases the maximum amount a taxpayer may expense under Section 179 to $1,000,000 and increases the phase-out threshold amount to $2...

Deduction for Qualified Business Income (Pass-Through Entity Deduction). For 2018, an individual taxpayer generally may deduct 20% of qualified business income from a partnership, S corporation, or so...

Section 529 Qualified Tuition Programs. Effective 2018. 529 plans can allow distributions of up to $10,000 per-student to pay tuition expenses for a public, private, or religious elementary or seconda...

Reporting Health Care Coverage. Under the Tax Cuts and Jobs Act, you must continue to report coverage, qualify for an exemption, or report an individual shared responsibility payment for tax year 2018...

Changes to Benefits for Dependents.Deduction for personal exemptions are suspended. For 2018, you can't claim a personal exemption deduction for yourself, your spouse, or your dependents.Child Tax Cre...

Deduction and Exclusion for Moving Expenses Suspended. The deduction for moving expenses is suspended. During the suspension, no deduction is allowed for use of an automobile as part of a move. This s...

Changes to Itemized Deductions.In addition to nearly doubling standard deductions, the TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.You may not take ...

Tax Cuts and Jobs Act (TCJA). There are many changes for 2018 due to the TCJA bill that was passed in December of 2017. Some are good and some are bad. To help you get organized and not miss any new c...