Tax reform Feed

Welcome to Part 10 of the ol' blog's 2019 series on tax inflation adjustments. This final part of the annual inflation tweaks focuses on vehicle mileage rates. You can find links to all 2019 inflation posts in the series' first item: income tax brackets and rates. Note: The 2019 figures apply to 2019 returns that are due in April 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing this year's 2018 tax return due April 15, 2019. If your job requires you to be on the road, you'll get a bit bigger tax break for... Read more →


If any of these expired tax breaks apply to you and they're not renewed by year's end, wait a bit to file your 2018 return next year. By delaying your filing until they're retroactively renewed, you'll save yourself additional hassles. George H.W. Bush, the 41st president of the United States was laid to rest today, marking the end of commemorations of his life and years of public service. The elder President Bush's death also brought the lame duck session of Congress to an almost complete halt, meaning that many measure lawmakers — particularly Republicans — had hoped to push through... Read more →


Truman the cat guarding presents under the Christmas tree. (Photo by Shawn Kinkade via Flickr CC) Ho, Ho, Ho, Happy Holidays! December is here. Time to decorate and, most importantly, get cracking on those gift lists. If you're not into frantic, crowd-fighting, last-minute shopping trips, here are five easy tax-related gifts for just about everyone on your nice list, including yourself. 1. Give to your favorite charities. You're probably already well aware of this option, since nonprofits have been sending out year-end donation solicitations since Halloween. Their urgency can be forgiven a bit more this year because of the tax... Read more →


No vote in the House this week on the Republican effort to pass more tax legislation before the GOP surrenders control of the chamber to Democrats at the start of the new January 2019 Congressional session. Are you waiting around this Friday to see whether the House will pass the GOP's package of tax extenders, some Tax Reform 2.0 proposal and corrections to the now almost a year-old Tax Cuts and Jobs Act (TCJA)? Don't. Go ahead and call it a day and head out for an early first weekend of December. House Ways and Means Committee Chairman Rep. Kevin... Read more →


North Carolina flooding in the wake of extensive hurricane rains. Photo courtesy Federal Emergency Management Agency A bill that would extend some expired tax laws, enact a handful of new ones and correct some errors in last year's tax reform bill is now before the House of Representatives. The extensive and expensive — the Congressional Budget Office estimates it will add another $55 billion to the federal deficit over the next 10 years — measure has a decent chance of clearing the House, where all it needs is the votes of the Republicans who control that chamber. Its chances in... Read more →


In just more than a month we'll welcome 2019 and begin the first tax filing season under the Tax Cuts and Jobs Act (TCJA). Are you worried yet? Not to be too pessimistic, but tax law changes always produce some unintended consequences. Some are caught beforehand, usually by the tax community that raises questions and pushes for law changes or at least Internal Revenue Service regulatory clarifications. That process is still on going for many TCJA provisions, but one group of taxpayers now is breathing a bit easier. The Treasury Department and the IRS have issued proposed regulations that will... Read more →


Welcome to Part 7 of the ol' blog's 2019 series on tax inflation adjustments. Today we look at changes to the Alternative Minimum Tax (AMT) and next year's Social Security wage base. You can find links to all 2019 inflation posts in the series' first item: income tax brackets and rates. Note: The 2019 figures apply to 2019 returns that are due in April 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing this year's 2018 tax return due April 15, 2019. Taxpayers who face the alternative minimum tax, or AMT, see it as the... Read more →


Welcome to Part 5 of the ol' blog's 2019 series on tax inflation adjustments. Today we look at changes to some medical tax provisions. You can find links to all 2019 inflation posts in the series' first item: income tax brackets and rates. Note: The 2019 figures apply to 2019 returns that are due in April 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing this year's 2018 tax return due April 15, 2019. Why yes, I am milking this medical situation for all it's worth, both personally (the hubby is such a great nurse!)... Read more →


Welcome to Part 2 of the ol' blog's 2019 series on tax inflation adjustments. We started on Nov. 15 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, personal exemptions and limitations on these tax situations that apply to some taxpayers. Note: The 2019 figures apply to 2019 returns to be filed in 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing 2018 returns due April 15, 2019. Internal Revenue Service data show that year after year, around 70 percent of filers claim the standard... Read more →


This is the first in a 10-part series on the upcoming 2019 tax year inflation adjustments. Links to additional tax-related inflation changes for next tax year are at this end of this article. It's the most wonderful time of the year. And while, confession time, I have been watching a lot of Hallmark holiday movies, I'm talking today about the overlap of one tax year and the approaching one. As the annual count of days winds down, we taxpayers must pay attention to ways to cut our current tax year's bill as well as make some initial plans to keep... Read more →


Vote! Vote! Vote! Vote! Vote! Vote! Vote! Vote! Vote! Vote! Vote! The choices you make in today's mi... Read more →


Don't let tax turkeys gobble up your money. Make these tax moves, a couple of which are related to recent tax reform, this November and for sure by the end of 2018. South Park turkeys via Giphy It's November! The start of the holiday season. Time to get into the festive spirit with some year-end tax moves. "Whoa! Wait! What the what are you thinking?" you say. "I'm still adjusting to Standard Time and already have a huge to-do list to make sure my family has the perfect Thanksgiving. Then as soon as that's over, I've got to start with... Read more →


"The Persistence of Memory" by Salvador Dalí (Oil on canvas, 1931) © Salvador Dalí, Gala-Salvador Dalí Foundation/Artists Rights Society (ARS), New York. Photograph taken in 2004. (Image from About.com, fair use, via Wikipedia) It's that time of year again, literally. At 2 a.m. today (Sunday, Nov. 4, 2018), most of us said goodbye to Daylight Saving Time and hello to the return of Standard Time. OK, maybe most of us weren't up in the wee hours to actually say goodbye and hello to our clocks. But we're dealing now with the timepiece trickery. A lot of us (me!) will suffer... Read more →


Despite the mug's proclamation, Michael Scott (as portrayed by Steve Carell in the U.S. version of The Office) tended to be a bad boss. Donald J. Trump is that boss that almost all of us have at one time had. You know the one. He or she is always telling clients, "Sure, we can do that. No problem, no problem at all." Maybe no problem for the boss, but plenty of problems for the workers who have to follow through and make good on the pie-in-the-sky pledge. That's probably how Congress is feeling right now in the wake of Trump's... Read more →


Anecdotal campaign info indicates that the new Republican tax law isn't motivating potential midterm voters to support that party's candidates. That's probably why the campaigner-in-chief recently tossed in an off-the cuff promise of a pre-Nov. 6 tax cut for the middle class. Spoiler: that isn't happening. Now a formal survey confirms the lack of enthusiasm for the Tax Cuts and Jobs Act (TCJA), aka the GOP tax reform bill. Voters 'meh' at best on tax cuts: A Marist Institute for Public Opinion poll conducted last week on behalf of National Public Radio (NPR) and PBS NewsHour found that just 11... Read more →


The World, Mostly by Leif Kurth via Flickr CC Donald J. Trump got a lot of attention when he popped down to Texas last week for a midterm campaign rally. He told the Houston crowd that he was a nationalist. That term, he explained, describes the philosophy he's espoused since the get go of his presidential political life. He wants to put America first. There's nothing wrong with wanting your country to get the best deals and treatment in international relationships. But Trump also narrowly, and to my thinking incorrectly, defined globalists as people who want to put global issues... Read more →


Today was one of those days where personal stuff took precedence over work and tax matters. As a freelancer, I'm usually able to plan things so the I can do both without too much trouble. Not today. Personal issues won. That meant I missed out on a #TaxBuzzChat. This is a regular Twitter conversation among online tax folks on various, topical tax matters. Today a bunch of my Twitter pals — including, but not limited to @beanna_whitlock, @BrettNealCPA, @bstonercpa, @cbriancpa, @DebFoxFinancial, @MelindaNCPA, @RobergTax and @ShaunHunley — discussed year-end tax planning in light of the changes wrought by the Tax Cuts... Read more →


As Donald J. Trump has been making the campaign rounds in advance of the midterm elections, he's made some interesting — OK, wrong — comments about taxes. And in trying to cover for explain those remarks, some folks are compounding the misinformation. The latest example underscores a misconception about how retirement account withdrawals are taxes. Trump's tax cut talk: Trump has been touting a pre-Nov. 6 tax cut of 10 percent for the middle class. While nothing is impossible in this crazy world, that's not likely since Congress is not scheduled to return to Capitol Hill until Nov. 12. Many... Read more →


Sen. Kamala Harris (D-California) during a Judiciary Committee hearing on a bill she introduced. Another Harris proposal, this time a tax credit for middle-income taxpayers, has caught the White House's attention. (Photo courtesy Kamala Harris Twitter account) It's official. Unofficially. The 2020 presidential campaign is underway. Last week, California Democratic Sen. Kamala Harris introduced her LIFT (Livable Incomes for Families Today) the Middle Class Act. The bill's most notable feature is a refundable tax credit of up to $6,000. Tax-savvy folks know a tax credit is better than a deduction because it provides a dollar-for-dollar way to cut your tax... Read more →


On top of everything else, the Texas floods have produced rafts of floating fire ants. Click image to see KVUE News Twitter video of this monstrosity! There are new stories every day about folks working to reclaim a semblance of normal after the massive destruction of Hurricanes Florence and Michael. Here in Central Texas, hundreds of homes and businesses were (and some still are) under water. Our governor is considering whether to ask Uncle Sam for federal disaster relief to help affected folks get back on their feet. If the Lone Star State does ask and get federal disaster relief,... Read more →