Blogging Beyond the Numbers

Are you confused about the 2019 tax brackets, itemized deduction vs. standard deduction, and what you need to be bringing to get your taxes done? Watch as Emily and Abby explain in non-accountant terms what you need to know as you prepare to file your taxes this year! https://youtu.be/Q5yI4K3e8Cw Subscribe to our YouTube channel to view new Accounting for Non-Accountants videos as they are pub...

You are now able to file tax returns since the IRS opened the 2018 income tax return filing season on January 28. This is a great year to file earlier if you typically wait until close to April 15 to file. There are a several reasons to file early. You can potentially protect yourself from tax identity theft, receive tax refunds earlier if you are due refunds, and know of any tax liability before April 15....

Commercial buildings and improvements are generally depreciated over 39 years.  Depreciation means that you can deduct a portion of the building and improvement cost every year over the building’s depreciation period (1/39 every year).   That may seem like a long time but there are special tax breaks that allow depreciation deductions to be taken more quickly for certain real estate investments. Some ...

In December 2018, the IRS released Notice 2018-99 to clarify the taxation of parking expenses Under § 274(a)(4) and § 512(a)(7) of the Internal Revenue Code. The notice reaffirmed that the amounts paid to a 3rd party for employee parking spots by a taxpayer or exempt organization are subject to tax. The majority of the notice focused on how taxpayers or exempt organizations should handle owned and l...

We would like to thank you for your generosity in 2018. Your donations, no matter how small, can help those in need daily. If you contributed to a qualified charitable organization in 2018 you should start seeing those contribution statements delivered soon. But if you don’t receive a statement regarding your contributions, can you still claim the itemized deduction on your 2018 tax return? The answer (li...

The honest answer to that question is it depends.  The Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025.  The increase of certain tax credits for families will also help many. However, the elimination of certain tax breaks and the reduction of others could actually increase your taxable income. To add further confusion to the mix, something as simple as what your f...

Prior to the Tax Cuts and Jobs Act (“TCJA”) that went into effect in 2018, alimony and spousal support was generally deductible by the ex-spouse paying it and included in the taxable income of the ex-spouse receiving it. Child support, on the other hand, has never been deductible by the payer or taxed as income to the recipient. Under the TCJA, for divorce agreements executed (or, in some cases, modi...

Have you noticed an increase in health care costs recently?  Tax breaks related to health care that you can take are more important than ever.  Unfortunately there are thresholds for deducting medical expenses that were already difficult for many taxpayers to meet, and it may be even harder to meet in 2019. The Tax Cuts and Jobs Act (“TCJA”) went into effect in 2018.  It also temporarily reduced t...

Question from the Mailbag:   Q: Since we will use the new, larger, federal standard deduction for 2018, do we still need to gather and provide any itemized deduction information for preparing my 2018 taxes? A: Definitely, YES! Please provide your tax preparer with the usual paperwork for mortgage interest expense, charitable donations, medical health premiums, and real estate taxes paid. While it ...

The new tax law, the Tax Cuts and Jobs Act, passed in December of 2017, could present unwanted surprises to millions of taxpayers filing their 2018 income tax returns.  According to the Government Accountability Office, this new law may find taxpayers have actually under-withheld their taxes. Oregon Senator Ron Wyden, of the Senate Finance Committee, sent a letter last week to the Internal Revenue Servi...