With several holidays to go before the end of this tax year, we wanted to highlight some changes that will affect your tax liability. But before we launch into those particulars, meet Erika Montaño, whose bookkeeping skills are a great addition to our team!
Income Taxes: Check Your Withholding To Avoid Surprises
Selling stock, starting a second job, and getting a divorce all signal potential changes to your tax liability. It's a good idea to anticipate your tax liability before the end of the tax year.
> Food for thought
Schedule A Deductions: New Law Instills Limitation
Schedule A deductions, which include charitable contributions, medical expenses, and certain personal casualty losses, have been capped through 2025. The new limit does not apply to deductions claimed on other schedules.
> Get the full scoop
Party's Over: Deduction for Entertainment Expenses No Longer Allowed
As recently as last year, the dinner tab you volunteered to pay after talking business with a client was a 50% deductible expense. Not so as of 2018. Holiday parties and expenses-paid vacations are a different story.