Frazer LLP Blog

Tax Breaks for Teachers

Oct 2, 2018 12:05:00 PM / by Kaylene Edwards, CPA posted in Tax, Teachers, deductions

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When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

 

 

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Should you adjust your withholding?

Sep 28, 2018 12:05:00 PM / by Helen Kim, CPA posted in Tax Deadlines, Tax

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If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.

That’s why a large refund for the previous tax year would usually indicate that you should consider reducing the amounts you’re having withheld (and/or what estimated tax payments you’re making) for the current year. But 2018 is a little different.

 

 

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Estimated Tax Payments

Sep 7, 2018 9:35:55 AM / by Jonathan Smeragliuolo, CPA posted in Tax Deadlines, Tax

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To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17.

If you don’t have an employer withholding tax from your pay, you likely need to make estimated tax payments. But even if you do have withholding, you might need to pay estimated tax. It can be necessary if you have more than a nominal amount of income from sources such as self-employment, interest, dividends, alimony, rent, prizes, awards or the sales of assets.

 

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Charitable Deductions

May 9, 2018 7:00:00 AM / by Jamie Fortin, CPA posted in deductions, Charitable Donations, tax bill

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When planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of the biggest factors affecting your deduction is what you give:

Cash. You may deduct 100% gifts made by check, credit card or payroll deduction.

Ordinary-income property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis.

Long-term capital gains property. You may deduct the current fair market value of appreciated stocks and bonds held for more than one year.

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Casualty losses can provide a deduction

Apr 4, 2018 12:00:00 AM / by Kaylene Edwards, CPA posted in losses, casualty, disaster

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If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President.

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Section 179 Benefits

Mar 28, 2018 12:00:00 AM / by Cindy Lim, CPA posted in Tax, section, 179

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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. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.

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2018 Tax Calendar

Feb 15, 2018 2:57:50 PM / by Jonathan Smeragliuolo, CPA posted in Tax

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To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

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Congress passes biggest tax bill since 1986

Dec 21, 2017 6:58:02 PM / by Rachel Lane posted in tcaj, congress, tax bill

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On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. Read more.

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Happy Thanksgiving

Nov 22, 2017 11:39:24 AM / by Rachel Lane posted in With you for you, Thanksgiving, Thankful, Clients

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Frazer, LLP is full of thanks for our friends, families, colleagues, and clients. 

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Feed the Children

Nov 17, 2017 4:51:36 PM / by Rachel Lane posted in Community Involvement, With you for you, Feed the children, Cal Poly-Pomona

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Frazer, LLP and Cal Poly-Pomona join forces to support Feed the Children

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