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Author Archives: JLM & Associates/Management & Tax Services
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.
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
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
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
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
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
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
2016 Standard Mileage Rate
The 2016 Standard Mileage Rate for Businesses is 54 cents per mile. Charity Mileage Rate is 19 cents per mile. If you have any questions please call me at 734-332-9949
What is Self-Employment Tax?
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. You figure self-employment … Continue reading
Tips for Taxpayers Who Missed the Tax Deadline
Call me for help at 734.332.9949. Here are tips for you: If you missed the April 15 tax filing deadline, don’t panic. Here’s some advice from the IRS. File as soon as you can. If you owe taxes, you should … Continue reading
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