Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who received a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund is
TCJA Archives - Crawford Ellenbogen
May 28, 2019
It’s a good time to check your withholding and make changes, if necessary
- By Ellenbogen
- Taxes
- 0 Comments
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Feb 14, 2019
3 big TCJA changes affecting 2018 individual tax returns and beyond
- By Ellenbogen
- Deductions, Taxes
- 0 Comments
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree
Jan 30, 2019
Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
- By Ellenbogen
- Deductions, Taxes
- 0 Comments
Can the investment interest expense deduction save you tax on your 2018 return? It’s for interest on debt used to buy assets held for investment, and you must pass some hurdles to benefit. First, you must itemize, which may no longer benefit you because of the higher standard deduction. Second, interest incurred to produce tax-exempt
Jan 22, 2019
What will your marginal income tax rate be?
- By Ellenbogen
- Taxes
- 0 Comments
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing
Jan 2, 2019
A refresher on major tax law changes for small-business owners
- By Ellenbogen
- Business, Taxes
- 0 Comments
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns