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Recently in Tax News, November 19, 2019

Leave a comment Business Expenses, Medical Expenses, Moving Expenses

IRS updates guidance for deductible business, charitable, medical and moving expenses. . .

Last week, the Internal Revenue Service posted Revenue Procedure 2019-46, which issued guidance for taxpayers with deductible expenses of operating a motor vehicle for business, charitable, medical and moving expenses. This guidance explains changes mandated by the Tax Cuts and Jobs Act (TCJA).

The TCJA suspended the miscellaneous itemized deduction for most employees with unreimbursed business expenses, including the costs of operating an automobile for business purposes. The revenue procedure does not require taxpayers to use any method that it mentions or describes. Taxpayers who maintain adequate records may substantiate actual allowable expenses using previous allowable options.

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CLE Presentation by Shamsey Oloko

Leave a comment Business Expense, Business Expenses, Business Tax Credits, Capital Gains, Capital Losses, Charitable Contributions, Charitable Organization, Child and Dependent Care Credit, Child and Dependent Care Creidt, Child Support, Child Tax Credit, Corporate Tax, Deductions, Dependents, Donald J. Trump, Education 529 Plans, Estate Tax, Filing Status, Form 1040, Gains & Losses, Home Equity Loans, Income, Income Exclusions, Income Tax, Income Tax Return, Independent Contractor, Interest Income, Internal Revenue Code, Internal Revenue Service, Itemized Deductions, Job Search Expenses, Married Filing Jointly, Married Filing Separately, Medical Expenses, Miscellaneous Expenses, Mortgage Interest Deduction, Moving Expenses, New York Income Tax, New York Property Tax, New York Sales Tax, New York State Tax, New York State Tax Law, News, Profits & Losses, S Corporations, Sales Tax, Schedule A, Standard Deductions, State & Local Taxes, State Sales Tax, Tax Cut and Jobs Act, Taxable Income, THORGOOD Law Firm

NBA CLE Presentation June 2018

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AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

Leave a comment Affordable Care Act, Alimony deduction, Alternative Minimum Tax (AMT), Business Expenses, Capital Gains, Capital Losses, Charitable Contributions, Child and Dependent Care Credit, Child and Dependent Care Creidt, Child Tax Credit, Deductions, Dependents, Donald J. Trump, Education 529 Plans, Education Expenses, Estate Tax, Filing Status, Form 1040, Gains & Losses, Health Expenses, Income, Income Exclusions, Income Tax, Income Tax Return, Internal Revenue Code, Internal Revenue Service, Local Income Tax, Long-Term Capital Gain, Married Filing Jointly, Married Filing Separately, Medical Expenses, Miscellaneous Expenses, Mortgage Interest Deduction, News, Ordinary and Necessary Expenses, Sales Tax, Schedule A, Standard Deductions, State & Local Taxes, State Sales Tax, Tax Credit, Tax Cut and Jobs Act, Tax Legislation, Tax News, Taxable Income, THORGOOD Law Firm
Know the Tax Code: IRC § 501

January 2018

 

AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

On December 22, 2017, after much, well-publicized legislative skirmishes, President Donald Trump signed into law H.R. 1, otherwise known as the “Tax Cuts and Jobs Act.”   Provisions affecting individuals are generally effective beginning December 31, 2017 and expire on December 31, 2025.  Most business-related provisions are permanent and are effective beginning December 31, 2017.

This new law is, by all accounts, the most significant revisions to the U.S. tax code since 1986, affecting almost all individual and business taxpayers.   Our firm’s general assessment of the new law will therefore be a two-part series: this first part covers changes to individual taxpayers, and the second part will cover changes to business taxpayers.

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IRS Announces 2017 Standard Mileage Rates for Business, Medical and Moving

Leave a comment Business Expenses, Medical Expenses, Moving Expenses

Taxpayers should know the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard mileage rate for business is based on an annual study of both fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based solely on the variable costs.

While the 2017 business mileage rate decreased half a cent per mile from 2016, the medical and moving expense rates each dropped 2 cents per mile. Set by statute, the charitable rate remains unchanged. Effective Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is:

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Tax Benefits of Supporting Your Parents

Leave a comment Child and Dependent Care Credit, Child and Dependent Care Creidt, Civil Liabilities, Civil Penalties, Criminal Liabilities, Deductions, Expenses Deductions, Filing Status, Income, Income Tax, Income Tax Return, Medical Expenses

Did you know you could be responsible for your parents’ unpaid bills? Ever heard of Filial Responsibility Laws?  Well, these are laws obligating you to provide financial support for your indigent parents.  Yes, obligated under law.  According to the National Center for Policy Analysis, 21 states across the country (including states like Connecticut, New Jersey and Massachusetts) allow for a civil action to obtain financial support for indigent parents.   At least 12 states may impose criminal penalties on children who refuse to support their parents.  Though rarely enforced, these laws may be dusted off by states looking to save money on Medicaid bills.

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Tax Benefits For Disabled Taxpayers

Leave a comment Child and Dependent Care Credit, Deductions, Earned Income Tax Credit (EITC), Medical Expenses, Standard Deductions, Work-Related Expenses

The tax professionals at the Thorgood Law Firm can help any taxpayer pinpoint all of the tax benefits that are applicable to his or her situation or status. The following are some of the tax benefits that may assist disabled taxpayers.

  1. Credit for the Elderly or Disabled: This credit is generally available to certain taxpayers who are sixty-five (65) and older as well as to certain disabled taxpayers who are younger than sixty-five (65) but are on permanent and total disability.
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Top Tax Deductions for Seniors and Retirees

Leave a comment Business Expenses, Deductions, Expenses Deductions, Income, Investment-Related Deductions, IRA, Medical Expenses, Roth IRA, Roth Thrift Savings Plan

Here are some of the most important tax deductions for seniors and retirees. 

  1. Higher standard deduction.

Any taxpayer that is 65 and older by December 31 of the tax year is entitled to a higher standard deduction. Taxpayers may take the higher standard deduction if a spouse is age 65 or older and together they file a joint return. Also, the higher standard deduction may be taken if the taxpayer files a separate return and can claim an exemption for a spouse because the spouse had no gross income and can’t be claimed as a dependent by another taxpayer. 

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Taxes And Medical Expenses

Leave a comment Deductions, Expenses Deductions, Health Expenses, Income, Medical Expenses, Qualified Disability Expenses, Taxable Income

Taxpayers that itemize​ personal deductions instead of claiming the standard deduction may deduct qualifying medical expenses to the extent that such expenses exceed 10 percent of adjusted gross income (“AGI”). Taxpayers that are 65 years or older, or turned 65 during the tax year, may deduct unreimbursed medical care expenses that exceed 7.5% of AGI. This threshold amount remains at 7.5% of adjusted gross income for these taxpayers until Dec. 31, 2016. I.R.C. §213(f).

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Tax Issues for new Widows and Widowers

Leave a comment Capital Gains, Capital Losses, Death Benefits, Expenses Deductions, Filing Status, Gains & Losses, Home-Related Deductions, Income Exclusions, Income Tax, Interest Income, IRA, Medical Expenses, New York Estate Tax, Roth IRA, Roth Thrift Savings Plan, Social Security Benefits, Standard Deductions, Tax Credit, Taxable Gain

It’s a traumatic experience to lose a spouse. While there is little that can be done to replace this physical and emotional loss, the Tax Code provides some relief for newly widowed taxpayers. Here is a summary of some of the tax breaks for the newly widowed:

Filing Status

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