Tag: tax cuts and jobs act

Posts Tagged ‘tax cuts and jobs act’

Can I Deduct My W-2 Job Expenses?

Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019

w-2 job expenses

The new tax season brought in a lot of changes, and your job expenses are one of them.

If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses.

Here’s the breakdown.

Eligibility

The new tax laws have narrowed down on who claims their W-2 job expenses, mainly by their occupation.

You can only deduct your job expenses if you’re one of the following: (more…)

How to File Your 2018 Taxes

Posted by Manisha Hansraj on December 28, 2018
Last modified: June 30, 2020

taxes 2018

Did you forget to file your 2018 taxes?

Whatever the situation may be, when it comes to filing a forgotten tax return, stress usually rears it’s head. We’re here to help.

If you haven’t filed your 2018 tax return as yet, you may be confused why the 1040 form looks different.

Here’s what you need to know

The following tax deadlines have already passed.
(more…)

How are Charitable Deductions Affected by the TCJA?

Posted by Manisha Hansraj on November 27, 2018
Last modified: November 27, 2018

Generosity has its perks, or rather its tax benefits.

Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017.

Due to the Tax Cuts and Jobs Act (TCJA), taxpayers who itemize may face some difficulties next year.

Read on to find out what you can do to be prepared for next year!

“Bunching,” a word that people can’t stop talking about.

If you’re surfing the web for information on charitable donations, you might run into the term, “bunching.” It may be confusing, so we’re here to clear it up for you. (more…)

Prepare for the 2019 Tax Season!

Posted by Manisha Hansraj on November 5, 2018
Last modified: March 19, 2019

tax cuts and jobs act

2018 is coming to an end.

It seems like the year went by so quickly. Now, are you ready for the new tax season? The 2019 tax season brings in a variety of changes that will ultimately affect how you file and Form 1040.

Read below to find out what you need to know before filing your 2018 tax return.

Check your withholding

Due to the Tax Cuts and Jobs Act (TCJA), taxpayers may receive a lesser refund or a tax bill because of their decreased withholding. We advise that you should definitely check your withholding if you have a two-income family, work multiple jobs or part of the year, have children to claim the Child Tax Credit or older dependents, you itemize your deductions on prior year returns, receive high tax refunds or tax bills for the prior year or high-income taxpayers in general. Be advised that if you don’t have enough income tax withheld from your employer, you can be subject to a high tax due at the end of the year.

If you did not fill out an updated W-4 for 2018, click here to find out if you should adjust your withholding with the IRS Withholding Calculator.

The standard deduction increases

The TCJA doubles all filing status’ standard deduction. Below you will find out how next year will be different. (more…)