Today TaxMama® wishes you a Happy New Year, and brings you some basics about how the Trump Tax Plan will affect this filing season.
https://waysandmeans.house.gov/wp-content/uploads/2017/11/WM_postcardprint_110117.pdf The good news. President Trump Congress keeps telling you that taxpayers will be able to file on a postcard. The bad news? Look at lines 3, 10, 11, and 12. Your government is naïve. While this may be wish-fulfillment, it has no basis in practical reality. It should be a required […]
News Flash: IRS just released 2018 mileage rates: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017. 14 cents per mile driven in service of charitable organizations. […]
Today TaxMama® hears from Bob with this question. “In order to rent my residence (house) as “unfurnished”, I had to move my furniture and other belongings to a storage facility (like Public Storage). Can I deduct the expense of this storage against my rental income?”
On November 2nd, the House Ways and Means Committee unveiled a sweeping tax bill, Tax Cut and Jobs Act, designed to undo many of the complexities of the Tax Reform Act of 1986. Please understand that this is not law yet. There’s still a long journey, with lots of hurdles, before some version of […]
Why does this seem to be such a difficult and onerous task? We had one client who simply could not get us the amount of her mortgage interest payment until the afternoon of October 15th one year – by which time our office was closed for tax season. Don’t put yourself in that position next […]
Today TaxMama® says we are facing Hurricane Irma in Florida, dealing with the devastation of Harvey in Texas – and the biggest fire in Los Angeles history. So let’s talk about the special tax breaks available to you.