Frazer LLP Blog

Kaylene Edwards, CPA


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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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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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Increase Your 401(k) Contributions Before Year End

Sep 25, 2017 11:03:26 AM / by Kaylene Edwards, CPA posted in 401k, Retirement Planning

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One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

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