IRS clarifies interest on home equity loans may still be deductible
Based on Internal Revenue Service IR 2018-32 released February 21, 2018, taxpayers may still be able to deduct interest paid…
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401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for…
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Meals, entertainment and transportation may cost businesses more under the TCJA
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the…
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State and local sales tax deduction remains, but subject to a new limit
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes.…
Read More Is Home Mortgage and Home Equity Loan Interest Still Deductible Under the New Law?
There have been changes in the rules for deducting qualified residential interest, i.e., interest on your home mortgage, under the…
Read More What’s New for 2018: Game-Changing Tax Overhaul in Place for Individuals – Part II
The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have…
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