My Two Cents Blog
Notable Deductions Eliminated from US Tax Code
The end of 2017 saw the enrollment of historic tax code reform legislation—the Tax Cuts and Jobs Act (TCJA). Among the numerous changes included in the sweeping update was the elimination of a variety of miscellaneous deductions. Read on to learn about three particular deductions written out of the tax code and the expected consequence—or […]
IRS Warns of Future Regulations Preventing State SALT Cap Workarounds
The Tax Cuts and Jobs Act (TCJA), a sweeping tax reform bill enacted at the end of 2017, included a $10,000 cap on state and local tax (SALT) deductions for married filers. This cap impacts predominantly high-tax states, such as California, New York, New Jersey, and Connecticut, and has prompted legislators to seek workarounds for […]
What If I Can’t Pay My Taxes by April 15?
It’s not surprising that many Americans may not be able to pay their taxes by the April 15 deadline, especially since 2014 is the first year for which we will be penalized under ObamaCare, if we don’t have health insurance. But don’t panic, says the IRS on its web page. If you can’t pay, you […]
Spring cleaning is a perfect time to get your financial house in order
Soon will be the first day of spring and thoughts of spring cleaning may be on your mind. In addition to sprucing up your home for the upcoming warm weather, it might be even more important to take some to time to spruce up your finances. use a good spring cleaning: All those papers! What you can throw […]
Cryptocurrencies For Dummies…
Cryptocurrencies, sometimes called virtual currencies, digital money/cash, or tokens,are not really like U.S. dollars or British pounds. They live online and are not backed by a government. They’re backed by their respective networks. Technically speaking, cryptocurrencies are restricted entries in a database. Specific conditions must be met to change these entries. Created with cryptography, the entries are secured with […]
6 Big Rule Changes For Individuals In The New Tax Bill
Wondering what’s in the new U.S. tax bill for you? Now that President Trump has signed the bill, here are six highlights with big impacts for individual taxpayers. The crux of the changes: Congress has trimmed or eliminated many deductions. For your own tax planning, it is essential to know what deductions will be gone […]