As we bring 2018 to a close, here are a few updates from the IRS that you should know. Please contact Cray Kaiser if you have any specific questions or concerns.
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Mark Your Calendar! Upcoming Tax Deadlines
Don’t miss these important tax dates and deadlines!
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Real Estate Investors and the Much Talked About QBI Deduction
The biggest limitation of the QBI deduction is that it only applies to a “qualified trade or business”. There is not a lot of clarity within IRS regulations in determining what exactly is a trade or business in the real estate arena and there are many unique situations concerning real estate.
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Important Changes to Illinois Sales Tax Rate 1/1/19
Effective January 1, 2019 certain taxing jurisdictions in Illinois have imposed a local sales tax or changed their local sales tax rate on general merchandise sales. Learn more:
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How “Bunching” Can Help Minimize Your Taxes
A lot of change has come with the 2017 Tax Reform. As we adjust to the new provisions, we’re constantly learning about ways that we can shift tax planning strategies in the future to benefit and lessen tax burdens. One way to potentially minimize your taxes is with a strategy called “bunching”.
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2018 – 2019 Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning – estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you, we’re pleased to present the 2018 – 2019 Tax Planning Guide.
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5 Tax Reform Clarifications to Prepare for Starting Now
The implications of the 2017 Tax Reform are coming into focus as proposed regulations have recently been issued. To help business owners effectively plan for 2018 taxes, we’ve narrowed down the top five planning tips that you should review and consider over the next few months. These provisions will require business owners to look at year-end tax planning in a whole new light. While the 2018 tax season may seem far away, it will approach quickly. The more you prepare for these changes now, the better.
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Fall 2018 IRS Update
Beware of charity scams during this year’s hurricane season. Criminals often take advantage of people who want to help natural disaster victims. It’s common for scammers to try to collect money and personal information by pretending to be a member of a charity or by creating a fake charity website.
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Why Your Tax Withholding Checkup Is a Must This Year
We all have annual medical, eyesight, and dental checkups. But how many of us take the time to do a tax withholding checkup? As a result of the new tax law changes, it is extremely important to conduct a tax withholding checkup this year. And it’s important to do your checkup sooner rather than later so you can avoid any year-end tax surprises.
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3 Tax-Friendly College Savings Options
With tuition costs rising each year, setting aside funds for college can be daunting. However, there are several tax options that may lessen the financial burden of college. We encourage you to review these plans with your family and your accountant to determine if one of them works for you.
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