Tax Tip Tuesday

Please follow the links below to see past Tax Tip Tuesday articles. If you would like to receive these emails, please click the link on our homepage, or email 

                                          Tax Objectives 

TTT 10.10.17 Final Deadlines

TTT 10.3.17 Current Affairs and Their Tax Impact

TTT 9.26.17 Keeping You and Your Money Safe

TTT 9.19.17 Back to School Tax Tips

TTT 9.12.17 'Tis the Season to Start Tax Planning

TTT 9.5.17 Welcome Back

TTT 7.25.17 Document Retention for Individual Taxpayers  

TTT 7.18.17 Deductions and Contributions  

TTT 7.11.17 Tax Consequences of Relocating  

TTT 6.27.17 Tax Planning Throughout the Summer  

TTT 6.20.17 Summertime Bandits  

TTT 6.13.17 Selling a Home  

TTT 6.6.17 Childcare Expenses - Care and Credit Plans  

TTT 5.30.17 Attention Graduating Students and Parents  

TTT 5.9.17 Withholding and Estimated Tax Payments  

TTT 5.2.17 Key Numbers to be Aware Of   

TTT 4.25.17 Top Take-Aways This Past Tax Season 

TTT 2.14.17 Happy Valentine's Day  

TTT 1.3.17 Happy New Year  

TTT 12.27.16 Final Tax Planning News for 2016 

TTT 12.20.16 Important Dates and Knowledge  

TTT 12.13.16 College Student Tax Qualifications  

TTT 12.6.16 Keeping Your Identity Safe  

TTT 11.29.16 Motor Vehicle, Home, and Boat Owners  

TTT 11.22.16 Happy Thanksgiving  

TTT 11.15.16 Valuable Tax Tools We Provide

TTT 11.8.16 2016 Presidential Election  

TTT 11.1.16 The Secure Drawer Portal  

TTT 10.25.16 Last Remaining Tax Planning Days

TTT 10.18.16 Due Dates and Deadlines  

TTT 10.10.16 Final Tax Filing Date  

TTT 10.4.16 Holiday Observance  

TTT 9.27.16 Required Minimum Distribution  

TTT 9.20.16 Deduction Planning Opportunities  

TTT 9.13.16 Control Your Taxes with Basic Tips  

TTT 9.6.16 Considerations and Comparisons  

TTT 8.30.16 Summer 2017 is Ending; Tax Tips are Launching   

Tax Alerts
Tax Briefing(s)

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup of panel truck will be:

  • 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017);
  • 18 cents per mile for medical and moving expenses (up from 17 cents in 2017); and
  • 14 cents per mile for miles driven for charitable purposes (permanently set by statute at 14 cents).

Comment. A taxpayer may not use the business standard mileage rate after using a depreciation method under Code Sec. 168 or after claiming the Code Sec. 179 deduction for that vehicle. A taxpayer may not use the business rate for more than four vehicles at a time. As a result, business owners have a choice for their vehicles: take the standard mileage rate, or “itemize” each part of the expense (gas, tolls, insurance, etc., and depreciation).

January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to review their tax strategies for the new law. The changes are huge. However, many changes are temporary, especially for individuals.

The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move forward into the New Year:

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary school. Section 529 plans used to only be allowed for college tuition, up to full tuition amounts. That provision for college tuition remains the same.

Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax rates on all income, including conversion income, are now lower. However, the special rule that allows a contribution to one type of an IRA to be recharacterized as a contribution to the other type of IRA will no longer apply to a conversion contribution to a Roth IRA after 2017.

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2018.