Tax planning Feed

Welcome to Part 5 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to some medical tax provisions. 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. New tax laws also have altered some of the 2018 amounts and are noted in the post below. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Lucille Ball in "I Love Lucy" via Giphy.com... Read more →


Welcome to Part 4 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to some popular credits and deductions. 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 returns that are due in 2019. New tax laws also have altered some of the 2018 amounts and are noted in the post below. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 returns due next April. Millions of taxpayers depend each year on tax deductions... Read more →


Welcome to Part 3 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes next year to retirement and pension plans. 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 returns that are due in 2019. New tax laws also have altered some of the 2018 amounts and are noted in the post below. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 returns due next April. Maxing out your retirement plans, both those offered... Read more →


Welcome to Part 2 of the ol' blog's 2018 series on tax inflation adjustments. We started on Oct. 19 with a look at next year's — if there isn't tax reform or cuts by or before then — income tax brackets and rates. Today we look at standard and itemized deductions, personal exemptions and limitations on these tax situations that apply to some wealthier taxpayers. Note: The 2018 figures apply to 2018 returns that are due in 2019. New tax laws also have altered some of the 2018 amounts and are noted in the post below. For comparison purposes, you'll... Read more →


This is the first in a 10-part series on the 2018 tax year inflation adjustments. Links to the other posts are at this end of this article. When this post was first published, the White House and Congressional Republicans were still hoping to get some tax changes finalized by the end of the year. The IRS, however, isn't waiting didn't wait on Capitol Hill. The Internal Revenue Service on Thursday, Oct. 19, released its annual compilation of tax provisions that are affected by inflation. It also issued next year's retirement plan contribution changes. The upshot is that most amounts will... Read more →


October marks the start for many companies of open season for employees' workplace benefits, many of which provide workers some nice tax savings. It's also a good month to make other tax-related moves. It's time to turn our attention to health care again. This time, though, it's not medical insurance via the Affordable Care Act/Obamacare. Instead, October marks the beginning of open enrollment season for workplace-provided benefits at companies across the country. Decide now for next year: Open enrollment periods vary from company to company. Most run from two to four weeks for workers to evaluate their current benefits and... Read more →


Records, tax and financial, are often among the property damaged or destroyed in a natural disaster. If you're lucky, you might be able, like this woman, to salvage some of the documents. If not, you'll need to recreate them to take advantage of tax-related storm relief. (Image courtesy Louisiana Law Blog) Maybe you didn't think the hurricane's flood waters would reach your neighborhood. Or maybe you just never kept copies, either paper or digital, of your financial and tax records. Now, however, you find you're among the millions dealing with Hurricane Harvey aftermath that destroyed much of the Texas Gulf... Read more →


I don’t know about you, but I am glad to see August gone! It was a horrible, awful, no-good month for too many of my fellow Texans. We're counting on you, September, with your promise of cooler temperatures and return of routines, like the kiddos' going back to class, to get us to a better place. Among the things to think about as fall nears is, of course, taxes. Here are four quick tax tasks to consider this month. File your 2016 taxes: For the first time in years, I'm heading into fall with my prior year return already in... Read more →


Tropical Storm Harvey is bringing the 2017 hurricane season to my home state. And while it's the Texas Gulf Coast that will take the first hit late Friday, Aug. 25/early Saturday, Aug. 26, the storm will be felt well inland. Including here in Austin. Meteorologists are forecasting that Harvey could be a Category 3 hurricane by the time it makes landfall. If so, it would be the first major hurricane to make U.S. landfall since Wilma in 2005. UPDATE Aug. 24, 2017, 5:30 p.m.: The dire predictions are looking like they are on the mark. This afternoon, Harvey was strong... Read more →


"Dear IRS, …" — If you have a question about how a tax law or regulation affects your particular set of circumstances, you can ask, in writing, for the Internal Revenue Service to weigh in. But be prepared to pay for the advice and, effective Aug. 15, pay electronically. Taxes are complex. That’s why it’s often wise to get professional help. In some cases, however, even tax pros need some guidance. This is particularly true when taxpayer circumstances are such that the individuals and their advisers feel the need for further interpretation as to how tax laws or administrative rules... Read more →


You’ve had enough of being a wage slave. It’s time to start your own business. That means it’s also time to consider the tax implications of becoming your own boss. Here are four tax matters to think about as you plan your move from the corporate cubicle to your own self-employed suite. 1. Select a business structure. How you’ll run your business will affect your taxes. You have several choices. The most common forms (and the federal tax forms required) are: Sole Proprietorship (Schedule C or C-EZ as an attachment to your personal Form 1040, along with Schedule SE to... Read more →


Does the surging stock market mean it's time to take capital gains? Tax reform could complicate the decision. The U.S. stock market passed another notable boundary today, moving above the 22,000 mark. It didn’t stay there long, bouncing around a bit before, yes, finally closing at 22,031. UPDATE, Oct. 18, 2017, 10 a.m.: It's still happening. The U.S. market hit 23,000 for the first time on Oct. 17, 2017, before closing just below that historic mark. Today, major indexes hit intraday records and the Dow industrials returned above 23,000 as the latest round of corporate earnings continued to support the... Read more →


August's Dog Days of Summer are a great time to make some hot tax moves — from energy-related tax breaks to tax holidays to tax help for education costs — that could produce cool tax savings. Hello August. I’m not going to say welcome because, well, you’re typically not a good guest. August is one of the worst weather months of the year, at least when it comes to basic comfort. It’s hot. In many places it’s humid. And the thrill of summer’s arrival back in late May has worn thin. That’s why so many people take time in August... Read more →


It's officially summer. Time for fun at the beach. And fun making mid-year tax moves. Happy July 5th, the start of midyear tax planning. With six months left in the tax year, it's the perfect time to make some tax moves that could reduce your 2017 tax bill. Here are six easy ones to take care of in July. 1. Adjust your payroll withholding. Did you get a big tax refund this year? Or did you owe Uncle Sam more than you expected? Either situation means that you need to reassess your payroll withholding. It's easy to do. Just give... Read more →


These young women are enjoying their high school graduation ceremony. Now, with diplomas in hand, they and their families are looking at how to pay for college. A 529 plan could help. (Photo courtesy U.S. Department of Education via Flickr) Happy 529 Day! This end-of-May day is marked each year by a flurry of activity to get the word out about 529 college savings plans. Created by Congress in 1996, the accounts are officially designated as a "qualified tuition program" in the Internal Revenue Code. However, they are more commonly referred by the IRC section 529 that covers their associated... Read more →


How do I celebrate each May 5th? With guacamole, cerveza y tax tips! That means here in our Texas casa, every day basically is Cinco de Mayo. Yes, there really is a tax component to Cinco de Mayo beyond the use of my poco Español as a framework for this list. That's why I feel justified in urging you — before you lift a glass, be it brimming with Dos XX or a margarita, to commemorate Mexico's victory over French troops at the Battle of Puebla on this day in 1862 — to check out these five tax-smart tax moves.... Read more →


May flowers, like these Texas poppies, are one of the reasons it's such a merry month. Other reasons to be happy is that there are some tax moves you can make now to cut your 2017 IRS bill. (Photo by Kay Bell) Welcome to the merry, merry month of May, which is particularly joyous for folks who've finished up their 2016 tax returns. That's almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year's main filing season. While the 2017 filing season got... Read more →


Bluebonnets, the state flower of Texas, are among the wildflowers that emerged early this year thanks to warmer than normal temperatures. (Photo of a Hill Country patch on March 18, 2017, by Kay Bell) Hello, Spring! You used to be my favorite season, but for the last few years — OK, the last dozen that we've been back in Texas — you've arrived in late February or early March and only lasted about three days. By the time you're official, which was when you clocked in at 6:29 a.m. Eastern Daylight Time (5:29 a.m. CDT; I was asleep) today, it... Read more →


Is this how you're feeling today after losing an hour of sleep to the shift to Daylight Saving Time? I'm right there with you. GIF via PR's Tumblrdome Daylight Saving Time (DST), which most of us in the United States switched to overnight by moving our clocks one hour forward, ostensibly was created to make better use of daylight. Basically, for the next seven and half months we'll get more daylight in the evening when we are home from work and/or school. But the annual adjustment of an hour's loss of sleep is difficult for a lot a folks. Every... Read more →


A couple of Republican-proposed changes to Obamacare would affect a popular individual savings option, the medical flexible spending account, or FSA. Many of the items this shopper can find on her local pharmacy's shelves are eligible for flexible spending account reimbursement. (Photo courtesy FSAStore.com) Tax-saving company benefit: An FSA is a benefit offered by many companies where workers can have a certain amount taken from their paychecks every pay period and placed into a special account. These accounts can help you cover such things as child care, commuting and medical expenses. Even better, the money is put into the FSA... Read more →