Tax Bites Archives - BeachFleischman CPAs

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

February 20, 2019 Tax Department Tax Bites 2018 taxes, deductions, itemized deductions, TCJA

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax[…]

3 big TCJA changes affecting 2018 individual tax returns and beyond

February 13, 2019 February 12, 2019 Tax Department Tax Bites child credit, individual income tax return, individuals, personal exemptions, standard deductions, TCJA

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree[…]

Why you shouldn’t wait to file your 2018 income tax return

February 6, 2019 February 5, 2019 Tax Department Tax Bites 2018 income tax returns, TCJA

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What is tax[…]

Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

January 30, 2019 January 31, 2019 Tax Department Tax Bites bonus depreciation, deductions, tax breaks, TCJA

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by[…]

There’s still time to get substantiation for 2018 donations

January 24, 2019 January 23, 2019 Tax Department Tax Bites charitable donations, donations, substantiation requirements

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 happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements[…]

What will your marginal income tax rate be?

January 18, 2019 Tax Department Tax Bites tax brackets, tax planning, TCJA

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing[…]

2 Major Tax Law Changes for Individuals in 2019

January 11, 2019 January 10, 2019 Tax Department Tax Bites alimony, medical expense deduction threshold, tax, tax planning, TCJA

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health[…]

A refresher on major tax law changes for small-business owners

January 7, 2019 January 4, 2019 Tax Department Tax Bites 2018 income tax returns, small-business owners, small-business tax, TCJA

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns[…]

You may be able to save more for retirement in 2019

January 1, 2019 December 31, 2018 Tax Department Tax Bites retirement, retirement plan contributions, retirement savings

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:[…]

Act soon to save 2018 taxes on your investments

December 20, 2018 Tax Department Tax Bites investments, tax planning, TCJA

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments • you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing[…]