Business Depreciation Under the TCJA, Part 2: Section 179 Expensing

LFL Veritas Blog: Depreciation Under TCJA Part 2 Business Depreciation Under the TCJA, Part 2: Section 179 Expensing The rules and limitations for two methods used by businesses for expensing fixed assets – bonus depreciation and Section 179 expensing – changed significantly when the Tax Cuts and Jobs Act (TCJA) of 2017 was passed. In […]

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What Are All These Codes and Deductions on My Paycheck?

At some point in your life, you probably looked at your paycheck and said, “How is it possible that I make this much money, but I’m only taking home this much money?” Everyone understands that taxes are withheld from their paychecks, but many of the codes and deductions might as well be written in a […]

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Collecting Sales Tax in the Wake of Wayfair: What You Need to Know

For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]

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New Jersey Says “Happy Holidays” with the Gift of Tax Amnesty

The New Jersey Division of Taxation recently announced a two-month Tax Amnesty program to allow qualified individuals and businesses to file past returns and pay back taxes with one-half of interest owed and no penalties. All returns and payments must be received or postmarked by January 15, 2019. The state has gone to great lengths […]

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Year-End Tax Moves to Consider Before December 31

There are only a few weeks left in 2018, but you still have time to take steps that can put you in a more favorable tax position. Because of the new tax law, many taxpayers aren’t sure about what year-end actions make the most sense. For example, are certain tax incentives that are available in […]

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Why a Levy Should Never (Ever) Be Ignored

In a previous post, we discussed liens, the different types, and what to do if you have a lien against your property. A lien is a legal claim placed on a property that you own or use, such as your home or car. A creditor may file for a lien so they can take possession […]

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What Is a Lien and What Should You Do About It?

When the average person hears the term “lien,” they probably think of a lien on a house that can slow down the sale of a home. Liens are fairly common in the world of real estate, but they can be granted in a wide range of transactions that involve borrowing money to make a purchase. […]

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5 Things to Know Before You Turn Your Home into a Rental Property

There are a number of reasons to turn a home into a rental property, or investment property, whether it’s your primary residence or a second/vacation home. If you had planned to sell and the housing market is weak, it might make sense to hold onto that property, rent it out to cover the mortgage payment, […]

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Have Foreign Bank Accounts? Know the Rules and Tax Implications or Else

It’s common, and perfectly legal, for Americans to have bank accounts in foreign countries. Many Americans are or were citizens of foreign countries and visit those countries often, while others live abroad full-time. They might have a family, own property and pay bills in another country. Some people just travel frequently to certain destinations and […]

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8 Common but Preventable Tax Filing Mistakes Made by Individuals

The IRS doesn’t like mistakes. Neither should you. Mistakes translate to a longer processing time for your tax filing. Mistakes could mean a delay in a refund. Even worse, mistakes could result in an audit, which takes time and money to respond to and manage. Depending on the nature of your mistake, you could face […]

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Professionals and Executives

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Professionals and Executives

Business Owners

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Business Owners

Retired and High Net Worth Individuals

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Retired and High Net Worth Individuals