by Tiffany Mellow | Jul 11, 2018 | Personal Accounting, Personal Tax Deductions, Personal Taxes
The new tax law will cause many casual gamblers to incur bigger losses than before! Prior to 2018 you could deduct your losses up to the amount of your winnings. You did this by claiming your losses as itemized deductions. The new tax law for 2018 doubles the standard...
by Tiffany Mellow | Jun 27, 2018 | Personal Accounting, Personal Tax Deductions
The 2018 Tax Cuts and Jobs Act limits the deduction for home equity loans and home equity credit lines. The media has done a poor job of informing the public about this issue. Many of the newspaper and radio accounts have indicated there is no provision for deducting...
by Tiffany Mellow | Jun 20, 2018 | Payroll, Personal Taxes
Employees beware! The new withholding tax tables that have been published may cause your employers to under withhold the federal tax from your paychecks. If your employer utilizes these new tables, they are doing nothing wrong. However, the tables incorporate the tax...
by Tiffany Mellow | Jun 13, 2018 | Personal Accounting
For any divorce decree that becomes final after 12/31/18, the alimony payments will no longer be deductible by the payor or taxed as income to the recipient. This only applies to new divorce decrees. Any alimony arrangement that exists prior to 2019 will be...
