Are you wondering where your tax refund is? According to the IRS, most refunds are issued in less than 21 calendar days. If you’re curious about when yours will arrive, you can use the IRS “Where’s My Refund?” tool. Go to https://bit.ly/2cl5MZo and click “Check My Refund Status.” In some cases, taxpayers may be notified […]
Author Archive | James B. Reynolds
Plug in tax savings for electric vehicles
If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal tax credit of up to $7,500. (Depending on where you live, there may also be state tax breaks.) However, the federal credit is subject to a phaseout rule that may reduce or eliminate the tax break based on […]
Casualty Loss Deductions
The rules for writing off personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, taxpayers generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster. (The rules for business or income-producing property are different.) Another factor that now makes it harder to claim a casualty loss […]
I need a vacation
Are you either a business owner or self-employed? Are you travelling in the U.S.? Is business the primary reason for your trip? If yes to all three, transportation costs to and from your business activity location and out-of-pocket expenses for business days can be 100% deductible. Rules and limits apply. Contact us with questions.
Three questions you may have after you file your return
After filing a tax return, you may have questions. 1. Where’s my refund? Go to irs.gov and click on “Refund Status” to find out. 2. How long must I save tax records? You should generally save them for 3 years after filing (although keep the actual returns indefinitely). But there are exceptions to this general […]
Seniors: Medicare premiums could lower your tax bill
Medicare premiums and supplemental insurance can be more expensive than seniors expect. However, some taxpayers may be able to lower their tax bills by deducting Medicare premiums and other qualifying medical expenses. However, it can be difficult to qualify to claim medical expenses on your tax return. For 2019, you can deduct medical expenses only […]
Make a deductible IRA contribution for 2018. It’s not too late!
You still have time to make your 2018 traditional and Roth IRA contributions. The deadline for most taxpayers is April 15, 2019. If you qualify, deductible contributions to traditional IRAs can lower your 2018 tax bill. Even nondeductible contributions can be beneficial because of tax-deferred growth. The 2018 contribution limit is $5,500 (plus $1,000 for […]
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required minimum distributions (RMDs) no later than April 1 of the year after which you turn age 70½. The penalty for withdrawing less than the RMD is 50% of the portion that should have been withdrawn but wasn’t. […]
How to get (tax) credit for your home’s green energy upgrades.
Installing renewable energy systems in your primary or other residence? You may be eligible for a valuable tax break. if your home improvements qualify, the Nonbusiness Energy Tax Credit can reduce your federal tax bill, dollar-for-dollar, by a percentage of your energy equipment and labor costs.
Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a $500 dependent tax credit that may be available to you. That can provide some extra spending […]
