Month: May 2018

Not much is harder in life than going through a separation or divorce.  Figuring out how to handle your taxes before, during, and after a divorce can be a difficult challenge.  So, before you make big moves to separate or divorce, know the potential tax consequences, and take steps to protect yourself from further trauma and financial pain. Here are seven tips on some of the most questioned tax topics for people who are divorced or divorcing: When Are You Actually Divorced? The IRS sees Read more [...]

The income statement of any business is probably the most important report of all.  It is a snapshot of the financial performance of your business over a period of time, such as a month or year.  You might also hear it called the Profit and Loss Statement, or P&L.  The income statement can give you all kinds of insights as to whether you are bringing in enough sales, if your prices are generating enough profit, and how your expenses are running.  Let’s take a look at the report, step Read more [...]

The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals:  Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050 per person.  Check line 42 of your own return. In 2018, this exemption is discontinued, but you won’t really lose out because the standard deduction has increased to compensate for this elimination. Standard Deduction In Read more [...]