Tax service, payroll and accounting for Individuals and small businesses
Here are some answers to questions I often get asked.
Here are some things to help taxpayers understand the home office deduction and whether they can claim it:
With the numerous tax law changes in 2018, many people had to pay in. Why? Remember how everyone got a little more on their paycheck in 2018. Whoopee!.... The fact is that if you did not change your W4, what you were paying in just wasn't enough to cover what you'd owe at the end of the year. It may not be for 2019 either. The biggest problem is probably the W4 you have at your job. With personal exemptions being removed along with the $10000 limit on the deductions for … [Read more...]
Thankfully there are no huge changes to the tax laws when you file your 2019 taxes. Minnesota and several other states did not comply with the federal changes regarding employee business expenses. Flight crews and others with work expenses should gather all their information as they have in past years. Here's what's changed in a nutshell...
Taxes are always confusing. Hopefully this will give you some insight on how the tax law changes for 2018 affect you.
Key itemsFor most of you, it won't affect your taxes at all if you're covered by an employer sponsored insurance plan. The cost of that shows up on your W2. For those of you that have purchased health insurance through a government sponsored marketplace, you should receive a new form, 1095. This form lists information showing what months you were insured and costs. Dependent upon your income, you may get a tax credit which is a direct reduction of your taxes rather than a reduction of your income. … [Read more...]
The elections are finally over. No more political commercials! Yeah! That's the upside of stuff. The downside is that there gridlock will continue on over the next two years between the republican congress and the president. Right with a lame duck congress new tax laws will probably not be put into effect until early 2015. The new crop of Republicans will be eager to show what they can do and and any tax reform and/or changes will not come until after the tax season has started in … [Read more...]
