Author Archives: JLM & Associates/Management & Tax Services

About JLM & Associates/Management & Tax Services

I am an accredited business accountant helping small businesses and individuals

The marriage penalty is (mostly) gone!

One thing to notice in the 2018 tax changes is that the so-called marriage penalty is almost absent, except for couples earning more than $400,000.

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Deductions that are disappearing in the 2018 tax year:

• Casualty and theft losses (except those attributable to a federally declared disaster.) • Unreimbursed employee expenses. • Tax preparation expenses. • Other miscellaneous deductions previously subject to the 2% AGI cap. • Moving expenses. • Employer-subsidized parking and transportation … Continue reading

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Need to call the IRS? Be ready to validate your identity! 

Have these documents ready: Social security numbers and birth dates; An Individual Taxpayer Identification Number letter if the taxpayer has one in lieu of a Social Security number; The prior-year return; A copy of the tax return in question; Any … Continue reading

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IRA’s to lower your taxes: Two quick tips and more…

Age Rules. Taxpayers must be under age 70½ at the end of the tax year to contribute to a traditional IRA. There is no age limit to contribute to a Roth IRA. Compensation Rules. A taxpayer must have taxable compensation … Continue reading

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Unemployment is Taxable

Unemployment is Taxable. It includes all unemployment compensation as income for the year. Taxpayers should have received a Form 1099-G, Certain Government Payments, by Jan. 31. This form shows the amount received and the amount of any federal income tax … Continue reading

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If you’re self-employed, you need to AVOID being audited, paying unnecessary fines or losing out on valuable deductions!

Here are important things to remember: 1. Self-employed taxpayers generally need to make quarterly estimated tax payments. 2. Self-employed taxpayers must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, with their Form 1040. 3. For those … Continue reading

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Drivers License Necessary

In filing your tax returns, you need to have your drivers license available. Your drivers license number needs to be imputed on my computer to e-file your return, this is required to help prevent identity theft. State of Michigan : … Continue reading

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