Posts by Paul

2019 Tax Provisions:

Posted by on Dec 2, 2019 in Uncategorized | Comments Off on 2019 Tax Provisions:

INDIVIDUAL TAXPAYERS: RECAP FOR 2019 As we close out another year and get ready for tax season, here’s what individuals and families need to know about tax provisions for tax year 2019. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2019 is $24,400. For singles and married individuals filing separately, it is $12,200, and for heads of household, the deduction is $18,350. The additional standard deduction for blind people and senior citizens in 2019 is $1,300...

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Year End Tax Planning Strategies for Tax Year 2017

Posted by on Nov 28, 2017 in Income Tax Changes | Comments Off on Year End Tax Planning Strategies for Tax Year 2017

Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may or may not be reauthorized by Congress and made retroactive to the beginning of the year. And then, of course, there are the normal variations in individual tax circumstances such as the sale of a home that could bump up income into another tax bracket. With this...

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Year End Tax Planning Strategies

Posted by on Nov 5, 2016 in Uncategorized | 1 comment

Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this, see Investment Gains and Losses, below. If you anticipate an increase in taxable income in 2016 and are expecting a bonus at year-end, try to get it before December 31. Keep in mind, however, that contractual bonuses...

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2015 Tax Provisions for Individuals

Posted by on Dec 22, 2015 in Income Tax Changes | 1 comment

With the announcement that the tax filing season for 2015 will begin on January 19, America’s Tax & Accounting Service would like to update you on what individuals and families need to know about tax provisions for 2015.   From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012–tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about tax provisions for...

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2014 Income Tax Changes

Posted by on Dec 30, 2014 in Uncategorized | Comments Off on 2014 Income Tax Changes

As tax laws change every year, America’s Tax & Accounting Service has identified the most significant changes for the tax year of 2014 that might affect our clients: 1)   The Patient Protection and Affordable Care Act could well be the biggest change to taxes in 2014. Employers with more than 50 full-time equivalent employees will be facing a tax penalty if they fail to provide affordable essential health coverage to their employees. Individuals who fail to purchase coverage might also be subject to a penalty. Adults could be facing a fine of $95, while the penalty for uninsured...

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