Tax Time
21 JAN 2019

Posted by robbie Categories: BLOG Comments: Post closed for comments

TAX DAY – 1.28.19 FIRST DAY TO EFILE:

  1. January 28, 2019 is the first day that the IRS begins accepting all returns whether paper or electronic. NO PENALTY FOR NOT HAVING HEALTH INSURANCE COVERAGE
  2. WHAT’S NOT DEDUCTIBLE FOR 2018 TAX YEAR:
  • UNREIMBURSED EMPLOYEE EXPENSES – MOST COMMON
  • MOVING EXPENSES
  • OTHER MISC DEDUCTIONS SUBJECT TO 2% (VARIOUS-SAFE DEPOSIT BOX, ETC)
  • CASUALTY AND THEFT LOSSES, EXCEPT IF FEDERALLY DECLARED DISASTER
  1. PLEASE NOTE: Below are the common tax extenders from 2017 to 2018
  • Deduction for School Teacher Expenses ($250) – most common – extended thru 2018
  • Tuition and Fees Deduction – most common – extended thru 2018
  • State and local sales tax deduction – most common; however limited to 10K, including Realty
  • Mortgage Insurance Premiums – most common – extended but capped
  • Exclusion for discharge of principal residence (foreclosures)
  • Tax-free distributions from IRA’s for charitable purposes
  • Special rule for contributions of capital gain real property made for conservation purposes
  • Parity for exclusion of employer-provided mass transit and parking benefits
“FIRST CLASS SOLUTION SUITE” CONTACT RTW TODAY FOR ALL YOUR TAX AND BUSINESS NEEDS DOMESTIC AND INTERNATIONALLY.  2017 TAXES SHOULD BE FILED EARLY DUE TO THE EQUIFAX DATA BREACH.   DON’T WAIT, CALL OR EMAIL NOW. Contact infoinfo@rtwxxact.com OFFICE: GA: 470-441-5140  OH: 216-282-9706  CELL: 216-533-6586  FAX 855-541-5140 Send secure files https://www.rtwxxact.com/contact