Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% gifts […]
LOS ANGELES, March 1, 2018 – Miller Kaplan Arase LLP (“Miller Kaplan”) is pleased to announce that effective March 1, 2018, Catalina Kirby, CPA and Nicholas Sanchez, J.D., LL.M. have been promoted to Partner. Kirby, with 12 years of public accounting experience, specializes in financial statement audits of employee benefit plans. Sanchez, an attorney for […]
By Greg Klein, CPA, Partner Many Americans are scrambling to figure out exactly how the new income tax bill will impact their personal income tax situation, but beware – these new taxes aren’t the only ones that may soon be hitting your pocketbook. Taxes with a Purpose Few would argue that taxes can, and do, […]
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these […]
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this […]
Right now, the IRS is warning of a “particularly dangerous email scam” that is circulating – W-2 phishing. In the last couple of years, this has become one of the most prevalent (and dangerous) scams that affect the tax industry. How it Works: By using either Business Email Compromise (BEC) or Business Email Spoofing (BES), […]
The recent passage of the “Tax Cuts and Jobs Act” (TCJA) means substantial changes for everyone. With a few exceptions, the changes for individuals are effective for tax years beginning after December 31, 2017 and expiring on January 1, 2026. Many of the entity changes are permanent. It was rumored at one time that the […]
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 […]
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your […]
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses […]
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options, or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning […]
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. […]