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Tax Reform
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018.
A few provisions to the TCJA you may have missed
2018 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.
Can you claim your elderly parent as a dependent on your tax return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.
Defer tax with a Section 1031 exchange, but new limits apply this year
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange.
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream.
2017 tax filing deadline for pass-through entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about.
Sec. 179 expensing provides small businesses tax savings on 2017 returns
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return.
Tax credit for hiring from certain target groups can provide substantial tax savings
Many businesses hired in 2017, and more are planning to hire in 2018.
Change in Pennsylvania Form 1099MISC Withholding and Reporting Requirements
Robert Hagenow, CPA, MT
Principal, Maillie LLP
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