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π‡π€π‘πƒπ’π‡πˆπ πƒπˆπ’π“π‘πˆππ”π“πˆπŽππ’ 𝐟𝐨𝐫 π‡π”π‘π‘πˆπ‚π€ππ„ π•πˆπ‚π“πˆπŒπ’ (𝟏𝟐/𝟏𝟎/πŸπŸŽπŸπŸ–)

401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families. As a result, participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) […]

π‚π‡πˆπ‹πƒ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“ 𝐀𝐅𝐓𝐄𝐑 𝐓𝐀𝐗 π‘π„π…πŽπ‘πŒ (𝟏𝟐/πŸ“/πŸπŸŽπŸπŸ–)

Tax Reform made the following significant changes to the child tax credit: β€’ Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility for the credit has not changed. As in past years, the credit applies if all of these apply: o the child is younger than 17 at the […]

πˆπ‘π’ πˆππ’π“π€π†π‘π€πŒ π€π‚π‚πŽπ”ππ“ (𝟏𝟐/πŸ‘/πŸπŸŽπŸπŸ–)

To help taxpayers access the latest information on a variety of topics, the IRS launched the IRSNews account (https://www.instagram.com/irsnews). See https://www.irs.gov/newsroom/irs-launches-instagram-account-to-help-taxpayers-agency-adds-social-media-platform-to-reach-more-taxpayers-share-timely-information-on-filing-season-tax-law-changes-tax-scams The Instagram account joins other social media platforms offering official IRS information, such as: β€’ YouTube. The IRS offers video tax tips in English, Spanish or American Sign Language. β€’ Twitter. Follow @IRSnews for […]

π‹π”π—π”π‘π˜ π€π”π“πŽ πƒπ„ππ‘π„π‚πˆπ€π“πˆπŽπ (𝟏𝟏/πŸ‘πŸŽ/πŸπŸŽπŸπŸ–)

The new Tax Law changed the depreciation limits for luxury cars used in a business. And new amounts take into account bonus depreciation. See https://www.irs.gov/newsroom/tax-reform-changes-depreciation-limits-on-luxury-automobiles And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/

πŒπŽπ‘π„ 𝐄𝐗𝐏𝐄𝐍𝐒𝐄𝐒 & πŒπŽπ‘π„ πƒπ„ππ‘π„π‚πˆπ€π“πˆπŽπ (𝟏𝟏/πŸπŸ–/πŸπŸŽπŸπŸ–)

The new TAX LAW expanded both Section 179 expenses and bonus (100%) depreciation. Section 179 property includes business equipment and machinery, office equipment, livestock and, if elected, certain qualified real property. The bonus (100 %) depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other […]

𝐓𝐀𝐗-𝐅𝐑𝐄𝐄 𝐇𝐄𝐋𝐏 𝐟𝐨𝐫 πŒπ„πƒπˆπ‚π€π‹ π‚πŽπ’π“π’-𝐅π₯πžπ±π’π›π₯𝐞 π’π©πžπ§ππ’π§π  π€π«π«πšπ§π πžπ¦πžπ§π­π¬ (𝐅𝐒𝐀𝐬) (𝟏𝟏/πŸπŸ”/πŸπŸŽπŸπŸ–)

FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers are offering their employees the option to sign up for an FSA this fall for participation […]

πƒπ„πƒπ”π‚π“πˆπŽππ’-πˆπ“π„πŒπˆπ™π„πƒ 𝐯𝐬. 𝐒𝐓𝐀𝐍𝐃𝐀𝐑𝐃 (𝟏𝟏/πŸπŸ“/πŸπŸŽπŸπŸ–)

The new Tax Law nearly doubles the Standard Deduction and changes several Itemized Deductions claimed on Schedule A. So now individuals that itemized deductions may do better taking the Standard Deduction. To help taxpayers decide what to do and alert them to deduction changes, the IRS issued Tax Reform Tax Tip 2018-176. See https://www.irs.gov/newsroom/tax-reform-affects-if-and-how-taxpayers-itemize-their-deductions And […]

ππ„π‘π’πŽππ€π‹ 𝐇𝐄𝐋𝐏 𝐟𝐫𝐨𝐦 𝐭𝐑𝐞 πˆπ‘π’? π˜π„π’-πŒπ€πŠπ„ 𝐚𝐧 π€πππŽπˆππ“πŒπ„ππ“! (𝟏𝟏/πŸπŸ‘/πŸπŸŽπŸπŸ–)

YES-the IRS can help you in person! But you have to make an appointment. See the video at https://www.youtube.com/watch?v=ezoHC1Z1KsQ&feature=youtu.be And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/

𝐓𝐀𝐗-π„π—π„πŒππ“ πŽπ‘π†π€ππˆπ™π€π“πˆπŽπ 𝐒𝐄𝐀𝐑𝐂𝐇 (𝟏𝟏/πŸ•/πŸπŸŽπŸπŸ–)

To avoid scammers and confirm an organization’s tax-exempt status for deduction purposes, you can use the IRS Tax Exempt Organization Search (TEOS) tool at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search. Help using the tool appears at https://www.youtube.com/watch?v=V4uD0htKKkk And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/

πŸ’πŸŽπŸ(𝐀) & πˆπ‘π€ π‚πŽππ“π‘πˆππ”π“πˆπŽπ π‹πˆπŒπˆπ“π’ πˆππ‚π‘π„π€π’π„ 𝐟𝐨𝐫 πŸπŸŽπŸπŸ— (𝟏𝟏/𝟐/πŸπŸŽπŸπŸ–)

The contribution limit for participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase from $18,500 to $19,000. The limit on annual IRA contributions will increase from $5,500 to $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment […]