With the upcoming 2018 income tax deadline, this week’s top reads are full of tax tips to help you get the most out of your tax return.
In the Personal Tax Tips section, Eric Roberge helps us to determine whether we should hire a professional to file our taxes or simply do it ourselves, accountant Lisa Greene-Lewis explains which tax deductions have been removed per the Tax Cuts and Jobs Act and walks us through the deductions that are still available, and William Perez outlines important dates and deadlines for this calendar year so you are ahead of the game come 2019 tax filing time next year.
In the Business Tax Tips section, Brenda Barron dives into how the Tax Cuts and Jobs Act will affect your business tax filing, Bryce Warnes shares a user friendly, comprehensive list of small business tax deductions with instructions on exactly how to file them, and Michelle Mire helps startups and business owners maximize tax deductions.
Personal Tax Tips
Maybe you file your own taxes, and you always have, or you know someone who does their own taxes each year. Many people are capable of doing it; however, that doesn’t mean that they should. Eric Roberge says that rather than asking if we can do our taxes, we should be asking:
- How much will a mistake cost me?
- Is that cost higher than the fee of hiring a professional?
- Do I have the time and energy to devote to doing this task well?
- Is there a better use of the time and energy it would take me to complete this on my own?
Answering the above questions will help you shed some light on whether you really should hire a professional this tax season. Even financial planners, like Roberge himself, will hire professionals to take care of this task to ensure that it’s been done properly and that blind spots (or the things you didn’t know you didn’t know about) aren’t missed. Read the full article and find out the benefits of hiring some help here.
Many people will take advantage of tax deductions to help reduce the amount of money they might owe at tax time. However, in 2017 we saw the Tax Cuts and Jobs Act remove several deductions that were possible to claim in previous tax years. Not to worry, in this article by accountant Lisa Greene-Lewis, she walks us through the deductions that are still available to help you keep more of your dollars in your pocket.
While you may have itemized your tax deductions in the past, now you may benefit from taking the new higher standard deduction if the standard deduction amount for your filing status is more than your itemized tax deductions, especially when taking eliminated or lower itemized deductions into consideration.
Get the full scoop on deductions here.
Everyone knows (or should know) that the US income tax deadline is always on April 15th (unless it falls on a weekend, at which point the deadline would be pushed to the next business day). Still, each year mass panic ensues as people attempt to gather all of their information in time to meet the deadline. If you hate that panicked feeling and promise yourself I’m never going to wait this long to file my taxes again, this article by William Perez was written for you!
Perez highlights all of the important dates coming up in 2019 so that you are ahead of the game for your 2019 tax return next year. He even tells you what steps you should take if you do happen to miss an important deadline. It’s never too early to start planning when it comes to eliminating your stress and staying sane through tax season. Get prepared here.
Business Tax Tips
If you own any kind of business, you’re likely aware of the Tax Cuts and Jobs Act that passed in 2017. Not only does the passage of this act mean significant changes for your business tax filing this year, it also means changes for your employees and for you.
Everything you need to know, including the most important tax changes for 2018, is explained in this article by Brenda Barron.
The 2018 tax changes were intended to provide benefits for the middle-income class as well as business owners. The changes affect personal and business tax rates, business mileage rates, Social Security maximum, and the allowed limits for equipment purchases.
Read the full article here.
If you’re the owner of a small business in the US, there are several small business tax deductions available to you. Bryce Warnes has compiled a list of those deductions that you can take advantage of to lower your tax bill. Complete with a user friendly contents list, so you can easily jump to the sections that apply to you and your business, and detailed how tos for filing each type of deduction, this article will be the one you want to have open as you work through your 2018 taxes.
Whether you own a startup and 2018 was your first year in business, or you’ve been a business owner for years, you’ll want to know the best ways to maximize your tax deductions. Michelle Mire breaks down those deductions, including startup costs, research and development, and professional fees and office expenses. Mire reminds us that while this list is helpful, it doesn’t negate the need to hire professional help at tax time:
While the prospect of saving money is exciting, it’s strongly recommended that you work with a financial professional, like an accountant and bookkeeper, to ensure that you’re interpreting and applying each tax deduction appropriately.
Read about the tax deductions you should take advantage of here.