The adventures & musings of an Enrolled Agent representing clients in Tax Controversy cases at the Neighborhood Christian legal clinic - Low Income Taxpayer Clinic.

Indianapolis, Indiana

Will I get a refund on my 2018 tax return because of tax reform?

Will I get a refund on my 2018 tax return because of tax reform?

What is tax reform? Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. What changed? For 2018, most tax rates have been reduced. This means most people will pay less tax starting this year. TheRead more about Will I get a refund on my 2018 tax return because of tax reform?[…]

The Business Expense Deduction for Meals and Entertainment Has Changed

The Business Expense Deduction for Meals and Entertainment Has Changed

The Internal Revenue Service has issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 percent of the costRead more about The Business Expense Deduction for Meals and Entertainment Has Changed[…]

Avoid a surprise tax bill: get enough tax taken out of pension payments

Avoid a surprise tax bill: get enough tax taken out of pension payments

With tax reform bringing major changes for the year ahead, the Internal Revenue Service urges retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov. The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers includingRead more about Avoid a surprise tax bill: get enough tax taken out of pension payments[…]

The Tax Cuts and Jobs Act Brings Changes to Deductions

The Tax Cuts and Jobs Act Brings Changes to Deductions

The Internal Revenue Service has provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes to the deduction for move-related vehicle expenses The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginningRead more about The Tax Cuts and Jobs Act Brings Changes to Deductions[…]

No, the Affordable Care Act Individual Shared Responsibility Payment Has Not Gone Away, Yet

No, the Affordable Care Act Individual Shared Responsibility Payment Has Not Gone Away, Yet

If you can afford health insurance but choose not to buy it, you may pay a fee called the individual shared responsibility payment. (The fee is sometimes called the “penalty,” “fine,” or “individual mandate.”). The penalty for 2018 is $695 per adult, $347.50 per child, or 2.5% of income above filing threshold; with a familyRead more about No, the Affordable Care Act Individual Shared Responsibility Payment Has Not Gone Away, Yet[…]