What you should know about the new tax law Part 2: Deductions
1. MORTGAGE interest deduction has been lowered: Current homeowners can continue to deduct interest on loans of $1 million; however, new homeowners will be limited to interest on loans of $750,000. 2....
View ArticleWhat you should know about the new tax law Part 3: Business
THE business tax provisions of the Tax Cut and Jobs Act include: • The new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21...
View ArticleWhat you should know about the new tax law P6
Part 6: Homeowners 1. THE Tax Cut and Jobs Act reduces the maximum amount of mortgage debt to acquire a first or second residence for which you can claim itemized interest expense deductions from...
View ArticleEducation provisions
THE Tax Cuts and Jobs Act saves the student loan interest deduction and keeps tuition waivers for graduate students tax-free. It also expands 529 savings accounts to include private K-12 education....
View Article20 individual tax provisions
HERE’S a list of tax provisions of the Tax Cut and Jobs Act affecting individuals like you and me. 1. The new Tax Cut and Jobs Act keeps seven tax brackets with six of them at lower rates. Most of us...
View ArticleBusiness tax provisions
1. THE new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21 percent. 2. The Act provides a 20 percent deduction for owners,...
View ArticleQ&A: What to expect during an IRS audit
HOW did I get selected for an audit? • Random selection and computer screening – how your return compares to norms. • Related party examinations - transactions with partners, investors, or audits of...
View ArticleIRS audits schedule C of sole proprietors
IRS loves to audit Schedule C. This form is filed by taxpayers who conduct their businesses as sole proprietors (popularly referred to as “DBA” or doing business as) instead of corporations or LLCs....
View ArticleIs the IRS Appeals Office independent?
IF you lose an IRS audit, you have two choices: pay or appeal. Your decision depends on how you feel about the fairness of the auditor, amount of assessment, cost of defense, and extending or ending...
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2018 extension forms and due dates for last year’s 2017 tax returns
* * * Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young...
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