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2017 Tax Cuts Act: What it Means For Individuals

The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduction in effective tax rates, the elimination of some deductions, exclusions, and credits coupled with the enhancement of other deductions and credits, individual taxpayers are going to have to navigate a different maze in making decisions to maximize their tax benefits and minimize their tax liability. The major goal of tax reform is to simplify tax filing. Provisions of the 2017 Tax Cuts and Jobs Act affecting all individuals

Tax Breaks for Charitable Giving

You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable giving. For example, you may be able to indirectly benefit a family member and a charity at the same time and still get a tax break. Or you may be able give appreciated property to a charity without being taxed on the appreciation. These benefits can be achieved, though, only if you meet various requirements including substantiation requirements, percentage limitations and other restrictions. We would like to take the opportunity to introduce you to some of these requirements and tax saving techniques. First, let’s take a look at the basics:

Minimize Tax on Your Employer-Provided Business Car

As someone who is provided with a company auto, you appreciate the convenience and dollar savings that this important "perk" provides, but at the same time would like to minimize the tax consequences of your personal use of the auto. Although the most effective dollar-saving strategy would have to take into account your personal and business circumstances, there are three general ways to assure that you will pay the absolute minimum in federal income tax on your usage of a company auto. First, make sure that business miles aren't misclassified as personal miles. Only your personal miles create fringe benefit compensation income that is subject to tax; your business-connected mileage doesn't

Recordkeeping for Individuals - General Requirements

Gathering together all of the records you need to prepare a tax return can be very tedious. However, it is essential that you gather the right information so that your return can be prepared properly. Maintaining records is critical. If the IRS should select your return for audit, you'll be prepared. Good recordkeeping is your first line of defense against many penalties. What are the basics? While your records must be accurate, the IRS generally does not require any particular form of recordkeeping. A cancelled check is a very good record of having paid a particular expense. In the past, this was easy to do because banks routinely sent cancelled checks to their customers. Today, most banks