Our Blog

Alyssa Hodges, CPA •

Itemized Deductions have changed considerably due to the Tax Cuts and Jobs Act of 2017. Since the standard deduction has nearly doubled, less people than ever before are going to be itemizing deductions. However, if you are right on the cuff, you may be able to implement a tax strategy called “bunching” to continue to take advantage of itemized deductions.

On Friday, the IRS released the mileage reimbursement rates for 2019. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
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As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

With the new Tax Cuts and Jobs Act there are many changes to the tax rules for individuals. There are new, lower income tax rates, a substantially increased standard deduction, severely limited itemized deductions and no personal exemptions, an increased child tax credit, and a watered-down alternative minimum tax (AMT), among many other changes. And there's a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

With the new Tax Cuts and Jobs Act there are many changes to the tax rules for businesses. The corporate tax rate is cut to 21%, the corporate AMT is gone, there are new limits on business interest deductions, and significantly liberalized expensing and depreciation rules.  We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you (or a family member) will likely benefit from many of them. We can narrow down the specific actions that you can take once we meet with you to tailor a particular plan. In the meantime, please review the following list and contact us at your earliest convenience so that we can advise you on which tax-saving moves to make:
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