Latest Blogs on Taxes
Still Haven't Done Your Taxes? Here's What You Need to Know
Whether you are filing as an individual or as a business, you likely will see a few changes this year when you file your 2018 federal income tax return. If you are one of the many U.S. taxpayers who wait until the last minute to file your taxes, make sure you are aware of these items that are new for 2018.
Section 199A Deduction for Small Business
For those who own a small business, Section 199A of the tax law that passed in December 2017 includes a provision for a personal income tax deduction equal to 20 percent of the small business’s income. This section was further defined by an IRS regulation in August 2018: it reinforced the basic simplicity of the deduction, but it also left open a great many questions about the finer details.
Reporting Real Estate Rentals Under Tax Reform
While owning rental real estate can help diversify a portfolio and provide additional cash flow, there are numerous considerations for how the activity is reported and how it interacts with other items on a tax return. With the Tax Cuts and Jobs Act (TCJA) that went into effect for the 2018 tax year, there are even more factors to consider when preparing a personal income tax return.