Today's Quote
“America is a land of taxation that was founded to avoid taxation."
~ Dr. Laurence J. Peter

Meals & Incidental Expenses and Lodging by MonthPer Diem Rates Look-Up

2018 Tax Filing Season Began Jan. 29, Returns are Due April 17

The IRS bean accepting tax returns on Jan. 29. The tax filing deadline will be April 17 this year – so you have two extra days to file. Many software companies and tax professionals were accepting tax returns before Jan. 29 and will submit your return when IRS systems open.

Although the IRS began accepting both electronic and paper returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue.

Earned Income Credit (EIC) and Additional Child Tax Credit (ACTC)

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New 2018 Withholding Tables Released By IRS - FAQs

Q: Why are these changes being made?
A: The new withholding tables are needed to reflect the changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law signed in December. The withholding guidance issued today is for employers to make changes to their payroll systems and is designed to work with existing W-4s that employees have on file.

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What's in the Trump Tax Cut Bill?

December 20, 2017: Just after 1 a.m. Wednesday morning, the Senate passed the GOP tax bill. Due to a procedural error, the house will have to redo their vote. House Ways and Means Committee Chairman Kevin Brady, R-Texas, jokingly said he'll be happy to vote twice for a tax cut. Looks like President Trump will get his chance to give the country the Christmas present he's been promising.

Here's what's in the bill:

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10 Tips for Deducting a Disaster Loss

If you suffer damages to your home or personal property, you may be able to deduct the loss on your federal income tax return. If your area receives a federal disaster designation, you may be able to claim the loss sooner.

Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.

Here are 10 tips taxpayers should know about deducting casualty losses:

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Can I Deduct a Loss in My IRA?

The quick answer is, YES if you have a ROTH IRA and NO if you have a Traditional IRA (there is an exception that applies to non-deductible contributions).

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How to Deduct Start-up Costs and Organization Costs

You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 first-year deduction limit is reduced by the amount of start-up costs exceeding $50,000.

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IRS Meal Allowance

Generally, the cost of meals are considered a personal expense and are not deductible, unless they meet certain IRS rules.

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What Are Travel Expenses?

Travel expenses are defined as:

  • Ordinary and necessary expenses...
  • related to your business, profession, or job...
  • while traveling away from home.

Travel expenses may be deducted by:

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Hiding Assets In An Offshore Account

Offshore accounts have been used to lure taxpayers into scams and schemes. According to the IRS, hiding money or assets in unreported offshore accounts remains on its annual list of tax scams.

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Have an accounting or bookkeeping question? Email it to me.