by Tiffany Mellow | Jul 11, 2018 | Personal Accounting, Personal Tax Deductions, Personal Taxes
The new tax law will cause many casual gamblers to incur bigger losses than before! Prior to 2018 you could deduct your losses up to the amount of your winnings. You did this by claiming your losses as itemized deductions. The new tax law for 2018 doubles the standard...
by Tiffany Mellow | Jun 27, 2018 | Personal Accounting, Personal Tax Deductions
The 2018 Tax Cuts and Jobs Act limits the deduction for home equity loans and home equity credit lines. The media has done a poor job of informing the public about this issue. Many of the newspaper and radio accounts have indicated there is no provision for deducting...
by Tiffany Mellow | Jun 20, 2018 | Payroll, Personal Taxes
Employees beware! The new withholding tax tables that have been published may cause your employers to under withhold the federal tax from your paychecks. If your employer utilizes these new tables, they are doing nothing wrong. However, the tables incorporate the tax...
by Tiffany Mellow | Jun 6, 2018 | Personal Accounting, Personal Taxes
Many clients I have spoken with since tax season have incorrectly assumed the requirement to have health insurance coverage has been repealed. This is only partially correct. The requirement to carry health insurance on one’s self and every dependent in their...
by Tiffany Mellow | Feb 21, 2018 | Business Tax Deductions, Business Taxes, Personal Tax Deductions, Personal Taxes
A deduction is available for money an employee spends to perform their duties in the course of their employment if they are unreimbursed by their employer. This includes mileage, licenses, union dues, education and out of pocket expenses. The expenses must be incurred...
by Tiffany Mellow | Feb 5, 2018 | Business Taxes, Non-Profit Taxes, Personal Taxes
Deceitful communications come via phone, email, postal mail, and sometimes even a knock on your door. It’s important to know that the IRS does occasionally contact taxpayers, but when they do, it’s most often by mail. Sometimes the IRS needs to verify a taxpayer’s...
