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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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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Should you bunch your medical expenses in 2017?

Oct 16, 2017 1:14:00 PM / by Jamie Fortin, CPA posted in Tax, Tax Savings, Medical Expenses

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Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.

Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. If tax reform legislation is signed into law, it might be especially beneficial to bunch deductible medical expenses into 2017.



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Tax-Saving Ideas for Your Investments

Oct 9, 2017 11:00:00 AM / by Cindy Lim, CPA posted in Tax, Investments, Tax Savings

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A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2017 tax liability.

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2017 Q4 tax calendar: Key deadlines for businesses and other employers

Sep 19, 2017 9:07:00 AM / by Jane Warren, CPA posted in Tax

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Can I undo my Roth IRA conversion?

Sep 15, 2017 9:34:56 AM / by Jonathan Smeragliuolo, CPA posted in Roth IRA, Tax

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Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted it? Fortunately, it’s possible to undo a Roth IRA conversion, using a “recharacterization.”

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What is the tax deduction for donating a vehicle?

Jul 31, 2017 12:00:00 PM / by Cindy Lim, CPA posted in Tax, Charitable Donations

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All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

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