Tax planning Feed

I hope she said yes! (Photo by Matt via Flickr) Valentine's Day has become one of the most popular days of the year to propose. If you're anticipating popping or answering the big question at an intimate romantic dinner tonight, taxes likely won't be on your mind. But perhaps they should be. Love and money: I'm a big fan of marriage. I've been in a mostly happy one with the hubby for a looong time. (Yes, I was a child bride!) But even back then, I was a tax geek. That's why our choice of wedding date — the year... Read more →


The 2018 tax filing season officially starts today. Many folks have already filed, by using Free File (which opened on Jan. 12), going with software on their own or turning over their tax material to paid preparers. The Internal Revenue Service will now process all those 1040s that were completed earlier this month and were on hold. If you, however, haven't gotten around to filling out your taxes yet, here's a checklist of what you'll need to accurately and easily complete your return. You might not need some of the stuff noted in this latest checklist. Feel free to skip... Read more →


The Rev. Gilbert Caldwell (left) was part of the civil rights movement led by the Rev. Dr. Martin Luther King, Jr. (center). Click the screenshot above to watch the full CBS Sunday Morning feature on how a group of fifth-graders helped correct a 60-year-old act of discrimination against Caldwell and his wife. As a young man, the Rev. Gilbert Caldwell marched with Dr. Rev. Martin Luther King, Jr., whose life we honor and celebrate on this federal holiday. Racial discrimination was among the many wrongs King, Caldwell and other civil rights activists back then were working to right. It's a... Read more →


Free File, the no-cost online tax return preparation and e-filing option, is now open for business. Although there's been no official announcement by the IRS and its Free File Alliance tax software partners, a click on the Free File page at IRS.gov invites eligible taxpayers to, "Click the Start Free File Now button to file your FREE federal return." UPDATE: The IRS has now made Free File official! You can read the announcement, but I'd appreciate it if you'd keep reading here. Those who can click the Free File button this year are taxpayers with adjusted gross income (AGI) of... Read more →


Welcome 2018 tax year. We know you are going to be crazy, but we are ready for whatever you plan to throw at us. And it will be a lot. In addition to starting out with the usual filing season tasks that focus on getting our 2017 tax returns to the Internal Revenue Service, there also are the Tax Cuts and Jobs Act changes to the tax code that will affect our 2018 tax bills. The Daily Tax Tip feature is here to help you accomplish both your 2017 filing and planning for 2018, regardless of whether you're confident enough... Read more →


Welcome 2018! Yes, I know we're well into day four of this brand spanking New Year. But we all get a pass on the first day to recover from our New Year Eve parties. And days two and three were consumed by looking back at what was accomplished tax-wise in 2017, looking ahead at what we can expect from taxes in 2018, chatting with fellow tax folk (OK, maybe that was just me) and dealing with scary winter weather. Bundle up, all my friends along the East Coast! Now, though, it's time to get down to tax business. Time for... Read more →


I spent most of today with my Mom, running errands with her and chauffeuring her to a couple of medical appointments. (She's fine. It was routine stuff. Thanks for asking.) But I did make time to hook up with my peeps, all the Twittering tax experts, accountants, writers, preparers, attorneys, Enrolled Agents and general tax geeks who set aside an hour at the beginning of each month to talk taxes. Specifically, we were part of the first #TaxBuzzChat of 2018, coordinated and moderated by, as the name (and my headline) indicates, TaxBuzz.com. As you guessed — OK, noticed in the... Read more →


Welcome to the first work day of 2018. By now you (and I) have had enough coffee (maybe, even this late in the day) to think about what the year ahead will hold for taxes. Chippy the Dog via Giphy.com Since my personal orbuculum is still a little blurry — I'm blaming equally the aftermath of New Year's Eve festivities and the craziness that now rules Washington, D.C. — I have only six tax-related prognostications. But even with the fuzzy focus, one thing is clear. Most of what we'll see happen in the tax world in 2018 will be related... Read more →


Good news workers. You have one less thing to worry about in 2018 in connection with the impending new tax laws. The Internal Revenue Service says that even though many revamped individual tax laws kick in on New Year's Day, there's no need to re-do your current W-4. This tax document, pictured above in case it's been a while since you made any payroll withholding changes to your paycheck, is what your boss used to calculate how much in taxes to take out of your pay. There had been some concern, primarily from payroll administrators, that the coming tax law... Read more →


We've only got five days left in 2017 and just three business days. That means that if you're making any tax moves, you'd best get on the stick! You also need to look at how your 20176 year-end tax actions might be affected by the new tax laws that take effect on Jan. 1, 2018. I've been writing about the latest tax changes for months now. You could find those stories by simply looking at the ol' blog's archives and checking out all the posts tagged as "tax reform" (even though this latest bill is really more tax cuts than... Read more →


It's almost 2018 and we all know what that means. Resolutions, fresh starts and lots of new tax laws. The good news is that for the most part, the changes to the tax code under the Republican-led tax bill will not affect us until we file our 2018 tax returns in 2019. But some of those changes in the still-called Tax Cuts and Jobs Act mean we will need to make some tax moves now, this final week of 2017, to take advantage of some tax provisions that won't be around or will be dramatically altered when Jan. 1, 2018... Read more →


There's a tax bill, but there is no tax reform. There's still an estate tax. There are still (some) state and local itemized tax deductions. There's still an alternative minimum tax. And there are enough other tweaks to confuse filers and keep tax pros very busy over the next 12 (and more) months. Ways and Means Chairman Kevin Brady (R-Texas) presides over the lone public hearing Dec. 13 of the House-Senate conference committee on H.R. 1, the Tax Cuts and Jobs Act. Final House and Senate votes on the bill are planned for next week. Basically, the Republican tax bill... Read more →


The Internal Revenue Service has good news for folks who do tax-related driving. Some auto travel amounts, however, might not matter depending on what happens with tax reform. 50 Cent via Giphy.com If your job requires you to be on the road, you'll get a bit bigger tax break for those business miles in 2018. The Internal Revenue Service's annual adjustment of the optional standard mileage rate for business use of your vehicle is a penny-per-mile more next year. The deductible per-mile rate for medical and moving also are one cent higher in 2018. The driving deduction rate for charitable... Read more →


Ho, Ho, Ho, hoss. It's the most wonderful time of the year. The holidays and year-end tax moves are here! (Photo by Kay Bell of a scene at Marble Falls, Texas' annual Walkway of Lights along the lake) Hello, holidays! We're so happy you and your good cheer have finally arrived. But the arrival of December also means 2017 is almost over, giving us only 31 days to take care of tax tasks that could save us money when we file our returns next year. This year, it also looks like Congress might actually make some tax changes, if not... Read more →


The Internal Revenue Service's 2018 filing season calendar isn't quite this messy, but it's not firmed up yet. The House Ways and Means Committee today started marking up, otherwise known as tweaking, the Republican-driven tax reform bill. Early word is that many provisions you may have read about will change. C'est la legislative process. Meanwhile, since most of the new tax laws won't take effect until Jan. 1, we can focus on our 2017 returns that will be filed under the existing tax laws. Most of us are breathing a sigh of relief that the tax moves we've made so... Read more →


$13 billion. That's how much nonprofits say Republican-proposed changes to the tax code could cost them each year. Even though the GOP's Tax Cuts and Jobs Act would keep the itemized deduction for charitable donations, it's one of just a handful that will remain on Schedule A. In exchange for the elimination of most itemized write-offs, the House tax reform proposal calls for almost doubling the standard deduction. That shift in federal tax deduction strategy could pose a major problem for the thousands of U.S. nonprofits that rely on contributions. Fewer itemizers = less donations: Now, about a third of... Read more →


House Speaker Paul Ryan (R-Wisconsin) get serious in discussing what Republicans say are the middle-class benefits in their latest proposal to rewrite the tax code. The most detailed plan yet was released Thursday, Nov. 2. (Screenshot of C-SPAN video; click image to watch clip.) Remember that Capitol Hill adage that all politics is local? It can be easily shifted to tax reform. Whether you're for or against a tax law change will depend in large part on how much it helps or hurt you. When it comes to the men and women who propose and/or make those changes, their votes... Read more →


UPDATE, Nov. 2: Good news. It looks like most of the Republican tax reform plan, according to the bill's legislative language, "shall apply to taxable years beginning after December 31, 2017." That means we will close out 2017 under current tax law, so these tips still apply. I'm working on a post about the proposed tax changes and will get it up here on the ol' blog shortly. it's now published! My mind boggles at the number of Thanksgiving pumpkin pies that can be made from this collection! It's just a small part of the Dallas Arboretum and Botanical Garden's... Read more →


Welcome to Part 7 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to the Alternative Minimum Tax exemption amounts and next year's Social Security wage base. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. When you're hit by the AMT, or Alternative Minimum Tax, you might be tempted to rearrange the... Read more →


Welcome to Part 6 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to estate, gift and kiddie taxes. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Real wealthy families like the fictional filthy rich Darlings of ABC's "Dirty Sexy Money" welcome the latest estate tax inflation adjustments. (Cast photo courtesy ABC... Read more →