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January 28, 2019

The Tax Cuts and Jobs Act [TCJA], also known as The Tax Reform, contains several significant changes for the upcoming tax season.  These changes include a reduction in the tax rates, increases in the standard deduction, new limitations to itemized deductions, suspensio...

January 1, 2019

As a result of the tax reform legislation passed in December 2017, eligible taxpayers may be able to deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships, pass through entities, such as partnerships, S corporation...

December 28, 2018

The tax reform enacted December, 2017 made some important changes to the child tax credit. Below is a highlight of some of the changes:

  • The credit increased. The new law increases the child tax credit from $1,000 to $2,000. However, the eligibility requirements have...

August 16, 2018

The new law made changes to the child tax credit and personal exemptions. Here is a quick overview of the changes to the law:

Child tax credit:

  • The maximum child tax credit increased from $1,000 to $2,000 per qualifying child.

  • Taxpayers whose income was too high...

February 22, 2018

Three popular tax benefits that expired in 2016 have now been re-enacted for tax year 2017. These are:

1) Exclusion from gross income for discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982

2) Mortgag...

January 17, 2018

Who is required to file a tax return?

Generally, everyone should file an income tax return each year.  However, if you are under age 65 and single with no dependents, and your total income does not exceed the standard deduction ($6,350) plus one exemption ($4,050)...

January 2, 2018

Charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2017 count for the 2017 tax year, even if the bill isn’t paid until 2018. Checks to a charity count for 2017 as long as they are mailed by the last day of the...

December 24, 2016

Once known as the Retirement Savings Contributions Credit, the Savers Credit offers a tax break to low and moderate-income taxpayers who are saving for retirement. The Saver’s Credit is a 'non-refundable' credit. This means it can only be used to reduce your taxes owed...

January 31, 2016

On December 18 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 [PATH Act]. The new law extends several tax provisions retroactive to the beginning of 2015, and makes some provisions permanent.

The following identifies some tax e...

August 21, 2015

The decision to hire a new employee is a big step for small business owners. It’s one that contains many governmental tax and legal obligations; thus remaining in compliance with these rules is extremely important. The following can be used as a guide for business owne...

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The Tax Reform and how it affects your 2018 Tax Return!

January 28, 2019

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