by Accent452023 | Feb 20, 2019 | Tax Central, Tax Reform, Taxes
If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number of returns filed so...
by Accent452023 | Feb 14, 2019 | Health Care, Medical, Tax Central, Tax Reform
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as of 2019 does not impact the...
by Accent452023 | Feb 12, 2019 | Home & Mortgage, Tax Central, Tax Reform
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. Mortgage...
by Accent452023 | Feb 7, 2019 | Business, Rental Property, Tax Reform
If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and the IRS a Form 1099-MISC after the end...
by Accent452023 | Nov 29, 2018 | Tax Deduction, Tax Planning, Tax Reform
Tax reform eliminated the deduction for casualty losses, but retained a deduction for losses within a disaster area. With the devastating wild fires in the west, and horrific hurricanes and flooding in the southeast and eastern seaboard we have had a number of...
by Accent452023 | Oct 4, 2018 | Business, Tax Planning, Tax Reform
As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits)...
