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2018 Tax Considerations

(Date posted: November 9, 2018)

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The followings are articles regarding tax law changes and are categorized in:

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3 big TCJA changes affecting 2018 individual tax returns and beyond

(Date posted: February 19, 2019)

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree to which these changes will affect you depends on whether you have dependents and, if so, how many. It also depends on whether you typically itemize deductions.

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When are LLC members subject to self-employment tax?

(Date posted: February 14, 2019)

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court.

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Why you shouldn’t wait to file your 2018 income tax return

(Date posted: February 12, 2019)

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.

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Fundamental tax truths for C corporations

(Date posted: February 7, 2019)

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:

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