Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
Tag: Texas
NEW HOME TAX TIPS
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
Deciding Whether and How to File?
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these… Read more Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
57 MUST HAVE TAX TIPS
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
TAX BENEFITS FOR EDUCATION
Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill.
The American Opportunity Credit, Lifetime Learning Credit or the Tuition and Fees Deduction may help offset the cost of higher education for you, your spouse and your dependents.
Home Ownership Tax Deductions
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
2018 tax plan, in 2 charts
Tax reform is making progress, but there’s still a long way to go. AP/Alex Brandon
Income-tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump.
The Senate’s bill proposes keeping seven tax brackets but changing the income ranges, while the House’s version of the bill would reduce the number of tax brackets to four.
2018 TOP TAX TIPS
The tax items for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year.
InWorks Tax Services 