IRS has enacted the Tax Cuts and Jobs Act (TCJA) that will affect everyone who files a tax return. Standard deduction has increased, employee business expenses have been eliminated and a new 20% deduction for small business' have been added to just name a few of the new regulations. More will be posted later. For now please be sure to go to IRS' Paycheck Check-up to make sure you will have no surprises come tax time. Please call if you have questions. I'm open all year round!
IRS will be holding all refunds on tax returns with Earned Income Credit and Child Tax Credits after February 15, 2017. You will want to still file early to complete the processing that takes place at the IRS and to hold your place in line when the refunds are released.
The IRS continues to scrutinize the expenses claimed for higher education credits. The American Opportunity Credit, Tuition and Fees deduction and Lifetime Learning Credit all important tax saving tools. You should only be claiming what you have paidfor these expenses not what is shown in box 2 of the 1098-T given by the college institution. Each college should have a record of account that you can print out. Any loan that you have taken to pay for these expenses, also count as being "paid". Next year the college institution should be required to provide that amount on the 1098-T.
Is an IRA set up by the federal government. MyRA has no fees associated with it. Go to https://myra.gov/ for more information.
Achieving A Better Life Experience. These accounts recognize the special financial burdens faced by families raising children with disabilities. These special accounts allow up to $14,000 gift for a disabled individual. This will not disqualify them from social benefits such as Social Security Disability and Medicare.
Penalties for not having health insurance is 2.5% of income over standard deduction or the Bronze plan average (which has not been posted yet). Or, $695 per adult/$347.50 child. (Whichever is higher and limitations apply.)