Posted by Manisha Hansraj on August 6, 2019
Last modified: October 23, 2019
With life, situations change and they come with certain tax implications.
One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well.
Here are some examples.
1. Tying the knot
Getting married is a big step in everyone’s lives. Along with getting married, you now are able to file jointly which should lower your tax rate. For the 2018 tax year, your standard deduction is now $24,000. With that in mind, don’t forget to update your allowances (Form W-4) at your job. (more…)
Tags: ACTC, allowances, child tax credit, divorce, EIC, estate tax, filing status, IRS, job expenses, life changes, marriage, mortgage, performing artist, qualified expenses, tcja, unreimbursed job expenses, w-2 job expenses, W-4
Category: Tax and Life Changes, Tax Deductions and Credits, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019
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.
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…)
Tags: 2018 tax return, 2018 tax year, 2018 taxes, current year tax return, extension, filing status, IRS penalties, job expenses, late filing penalty, standard deduction, tax cuts and jobs act, tax deduction, tax extension, tax refund, unreimbursed job expenses, W-2, w-2 job expenses
Category: Tax and Life Changes, Tax Deadlines, Tax News, Tax Tips and Tricks
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